London private equity firm Dawnay, Day Group acquired one of the largest property collections in New York City, for close to the asking price of $250 million. The portfolio consists of 47 buildings in East Harlem and seven condo units in the East Village. This was Dawnay, Day's first acquisition in the United States.
The Arent Fox LLP team was led by David Dubrow and included in New York-based Karen Candreva, Lee Potter, Eberhard Rohm, Barry Gogel, Sheree Reinbach, Heather Eisenlord, Mili Sheth, Nihal Fayad and Peter Norman, with assistance from Miriam McKibben and Michael Smith; and Washington's Alan Dubin, Stewart Manela and Beth Pierce. The Arent team advised on the acquisition as well as the establishment of a new company, Dawnay, Day US Real Estate Management LLC, based in New York. It will manage the Harlem portfolio and source future acquisitions. The 47 East Harlem buildings include 1,137 residential apartment units and 55 commercial units located throughout the area, from East 100th Street to East 120th Street.
Peter Klimt, chief executive of Dawnay Day had this to say, "We believe we can add considerable value to the assets acquired, primarily through asset management activity." Danway Day, which has about $10 billion of properties under management or ownership, has assets in the U.K., Germany, Italy, Eastern and Central Europe, Ukraine, Russia, India, Australia and now the U.S.
See press release
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