A residential portfolio in Brooklyn and Queens owned by the LeFrak family is in contract to sell for $250 million, two sources said. The portfolio, dubbed the Kings and Queens portfolio, consists of about 2,000 apartments.
The sources did not identify the buyer. Richard LeFrak, the C.E.O. of the LeFrak Organization, was reached by phone and would not comment on the deal; he cited confidentially agreements.
The LeFraks have been a city landlord since 1901, and have built more than 250,000 apartments, including LeFrak City, the Queens complex with more than 5,000 units.
Darcy Stacom and Bill Shanahan, the powerful CB Richard Ellis duo, are the brokers in the LeFrak transaction. Neither would be interviewed for this story.
Residential-portfolio sales have been in the news lately. Urban American, along with its financial partner City Investment Fund, purchased a series of buildings in Harlem and one on Roosevelt Island for $940 million, the second-biggest residential deal in Manhattan history.