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East End Capital buys minority stake in $120M NYC office portfolio

East End Capital Management Inc. bought a minority stake in three buildings valued at $120 million in the Garment District and Gramercy Park in New York City from the estate of investor Steven Green, The Real Deal reported.

The private equity firm will manage and reposition the more than 225,000-square-foot portfolio on behalf of the majority owners, the Ungar family, who secured a three-year, $95 million floating-rate loan for the acquisition and repositioning, according to the publication.

The portfolio consists of a 17-story, 117,500-square-foot building at 251 W. 39th St.; a 20-story, 74,000-square-foot building at 580 8th Ave.; and an eight-story, 35,000-square-foot building at 36 E. 20th St.