![]() The Chelsea properties contain 245 apartments, some of which are rent-stabilized. Late last month, the firm acquired 225 West 23rd Street and 220 West 24th Street for $100 million. We can buy almost everything, as long as it fits our strategy.”Īkelius recently added to its New York City holdings through large transactions. “The size of the property does not matter. “We buy from 10 units up to 400 to 500 units,” Spann said. The firm’s “cherry-pickingˮ isn’t limited to small purchases. In Brooklyn, we are focusing on Clinton Hill, Prospect Park, Bed-Stuy, Brooklyn Heights, Red Hook and Park Slope.” “Manhattan and Brooklyn are our main focus at the moment. So we buy quality before quantity,” Spann said. It is more important to find the right properties in a good location. Meaning it doesn’t matter the size of the building. This fits into a wider philosophy for their acquisitions. Maybe the property was neglected and decaying under the previous owner,” he said. “We like to buy properties with huge potential in terms of maintenance. The number of transactions also decreased by six percent to 2,419.Īccording to Spann, his firm is chasing a certain type of asset. For the period, the total value of investment sales deals across New York City dropped 39 percent to $18 billion. Who doesn’t want to be in New York? There are few cities in the world with the same charisma,” he said.Īkelius is an anomaly in a market with an increasing number of investors straddling the sidelines.Īccording to an August REBNY report, the city’s investment sales market posted declines in every major metric during the first half of 2017. Spann said that his firm’s entry to New York City was not based solely on economics. The firm plans to hold its New York City residential properties for the long term. It also acquired 90 Clinton Avenue, a five-story walk-up in Clinton Hill. The firm’s planned expansion will add to what has proven to be an active year for its New York City business.Īkelius Real Estate Management, the US subsidiary of Swedish firm Akelius, bought 185 Prospect Park, a ten-unit apartment building in Brooklyn, last July. “I would love to double the number of units between the next 18 to 24 months,” he said, referring to his firm’s 2,600-unit apartment portfolio across the Northeast. Spann, whose company is just two years removed from making its first New York City acquisition, is looking to initiate a growth spurt over the next two years. ![]() If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.Īs a matter of policy, BBB does not endorse any product, service or business.Ralf Spann, the CEO of Akelius Real Estate Management, is orchestrating the rapid expansion of his firm’s reach. BBB Business Profiles are subject to change at any time. When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints.īBB Business Profiles generally cover a three-year reporting period. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles. BBB asks third parties who publish complaints, reviews and/or responses on this website to affirm that the information provided is accurate. Stay away.īBB Business Profiles may not be reproduced for sales or promotional purposes.īBB Business Profiles are provided solely to assist you in exercising your own best judgment. Their brand statement notes they are to be transparent and provide service to their stakeholders, including tenants, but they do anything but. The only saving ***** is that the concierges are great.If Akelius buys your apartment complex, move ASAP. And if you ask office staff anything, what they tell you often changes. The connection is poor and the line crackly I could barely hear the representative. I recently had to call the service center. Emails lack appropriate grammar, spelling, and layout.The phone to the front desk hasnt worked for a while. Emails state to contact ******* you must email her multiple times and she never replies. A recent newsletter blamed residents for an issue and gave an ominous note about parking. We receive emails the office has closed after it has closed. The main issue is a lack of expertise in change management, change communications, and general communications.Our building received notice of them taking over AFTER it had already happened and the new team was in the building, There has been a remarkable lack of communication. They manage my apartment building and from the start, its been a horror show.
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