If there is a stable rental deal, and you want to call from a book, who do you want to call?

Peter Hungerford.

Hungerford, head of PH Realty Capital, perhaps the city's largest rental regulatory buyer, has closed another monster portfolio last week, in partnership with David Kaye and Joe Listhaus' Rockledge. Real deal.

The deal, which includes over 2,000 units, spread across five neighborhoods in the north of the Bronx, is the latest sale of related fund management, and the company has been working to reduce its impact on troubled asset classes. Eastdil secured the deal.

According to property records, the purchase price was $192.5 million, accounting for a 24% discount related to $253 million in 2014. Megalandlord’s goal is to break when Globest starts shopping 34 building a portfolio in 2023. Report.

Relevant demand for losses, especially after a $30 million refurbishment, is just the latest indicator that owners and lenders are desperate to abandon their shares after 2019 rental laws block any path to profitability.

The legislation effectively limits construction revenue for nearly six years. Meanwhile, expenses soared, debts were more and more, interest rates jumped, dragging more owners underwater.

It's a nightmare and many landlords just want to end - no matter what the loss is.

Until recently, related fund management quietly abandoned rent-stable transactions. Crain's analysis found that as of January, the company or its affiliates (such as those associated with it) had discarded about two dozen assets in the past few years.

In April, it raised its stakes, giving five people a $18 million price tag, accounting for 45% of the payments in 2015.

“They are pressing the pop-up button,” Hungerford said. “They don’t want to deal with asset classes anymore.”

A spokesperson for the relevant fund management declined to comment.

Meanwhile, Hungerford has been busy taking those away.

Last year, his company partnered with Rockledge, Alma Realty and an unnamed pension fund to trade for $1300 of 1,300 units. Sentinel Real Estate sold the portfolio at 40% of the payment paid before the rental law was passed.

PH Realty has also been in debt to the industry. In another partnership with Rockledge, it paid Pimco's $61 million loan book in USD in USD and is backed by six rent-regulated buildings in the City of Bronx.

Hungerford longs for more. As lenders scramble to discount bad loans as values ​​continue to decline, the principal said the rent-adjusted market is increasingly favoring buyers.