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Report: Brookfield's $1.4B-plus multifamily portfolio in NYC on the block

Brookfield Property Partners LP launched the sale of a more than $1.4 billion multifamily portfolio in New York City, the Commercial Observer reported, citing sources close to the matter.

The commercial real estate giant reportedly has not yet hired a broker for the sale of the Putnam portfolio, which comprises about 4,000 rental units across 24 properties in Upper Manhattan and Roosevelt Island, and one source said the assets are likely to be sold directly.

Brookfield bought a majority stake in the portfolio in 2014 from Urban American, which kept a small stake and had continued to manage the properties.

Brookfield officials did not comment on the matter, according to the publication.