Emerald’s Manhattan portfolio consists of over 1500 units in developing areas of the city.
A primary sector of this portfolio is the 712, 570-square-foot, “Dawnay Day” acquisition in East Harlem, closed on at the beginning of 2017. This 47-building, high-profile portfolio, one of the largest multifamily acquisitions in recent years, marked a turning point in the expansion of upper Manhattan’s frontiers beyond its pricey boundaries by breaking through the 96th St. “border.”
The deal is successfully delivering on the company’s strategic vision to replicate the high-class Manhattan amenities, ambience and proximity to “the city” while offering its newly repositioned units to the market at a full 30% discount in comparison to the neighboring “Upper East Side” below-96th Street. With prime Manhattan’s sky-rocketing rent averaging approximately $65 per sq. ft., the prospect of moving just 10-15 blocks north offers a tremendous appeal to tenants finding themselves priced out of the city.
The 2nd Ave subway extension project and the broad disparity in rent between the two neighboring sections of the city played a key role in Emerald’s identification of East Harlem as an area ripe for revitalization.
Emerald has continued to expand its upper Manhattan presence through strategic acquisitions in the upper west side and West Harlem.
The Bronx portfolio features many of Emerald’s very first acquisitions and serves as a testimony to the soundness of its repositioning philosophy.
Consisting of approximately 1800 residential units spread across some 60-plus buildings, Emerald’s holdings in the Bronx span many of the borough’s diverse neighborhoods including Grand Concourse, Fordham University, Mott Haven, Hunts Point, Kingsbridge and others. The consistent and common denominator has been Emerald’s ability to strategically identify up-and-coming areas and gear them for workforce housing. As gentrification took hold of many of this demographic’s former strongholds across the city, Emerald recognized these key areas in the Bronx with their close proximity to the city and robust transit infrastructure, as ideally suited for the creation of best-in-class workforce housing.
Through gut renovation and full rehab of each unit upon vacancy, Emerald has successfully repositioned thousands of rental units, creating brand new, well-appointed apartments at significantly lower rents. Case studies of Emerald’s Bronx portfolio indicate pattern of dynamic revitalization, rapidly multiplying the value of its holdings over a short period of time.
The Brooklyn portfolio consist of some 60 units in six residential buildings. Situated at the outskirts of Williamsburg’s neighboring communities.
This portfolio capitalizes on the expanding borders of the new “Cosmopolitan Bohemia” spreading eastward and foraying further into the neighborhoods of Bushwick and Bed Stuy.
Once again, Emerald demonstrates its savvy for identifying value and opportunity catering to the area’s new demographic and its appreciation for classic hip-style amenities such as oversized rooms, ultra-modern layouts, high ceiling and abundant sunlight.
In April of 2017 Emerald purchased a 1,000 units apartment community in Tucker, Georgia
In April of 2017 Emerald purchased a 1,000 units apartment community in Tucker, Georgia a suburb of Atlanta. Emerald successfully repositioned the portfolio through an expansive Capex program as well as a total rebranding of the property.
Emerald first acquisition in St Louis was the Central West End City Portfolio
located right between Washington University and Barnes Jewish Hospital. The portfolio consists of 3 historic landmark high-rise towers and a class A new construction building. The portfolio overlooks the expansive 1,371 acre Forest Park, home to the St. Louis Zoo, St. Louis Art Museum as well as multiple golf courses and other attractions.
Upon acquisition, Emerald embarked on a massive $9mm rehabilitation project, which includes a complete overhaul of the properties infrastructure, as well as the total renovation of the common areas and apartment units. The portfolio has been rebranded as “275 On The Park” and is being repositioned to be the premier multi family address in St Louis.