KPP Adds More Units to New York City Based Multi-Family Holdings

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Apr 07, 2010, 12:05 ET

NEW YORK, April 7 /PRNewswire/ -- King Penguin Properties, LLC (KPP) takes another minority stake in a multi-family property based in New York City.

KPP decided to take another minority stake in a NYC based multi-family building that contains 93 units that are mostly rent-stabilized. According to Michael Mikelic, CCIM one of the Principals of KPP, "Rent-stabilized units are usually priced below market rental rates. These provide downside protection and great income. Demand for affordable housing remain strong, especially in tight rental markets such as NYC were vacancy rates remain below 3%."

For this deal KPP teamed up with another established New York City real estate company that is focused on New York City and its surrounding boroughs. "A few years ago none of the cap rates in Manhattan made any sense for a property such as the one we just acquired. Cap rates were only in the 5 to 6% range, which is why we did not make any acquisitions in the New York City market until now," according to Mikelic. KPP now plans to focus almost all of their time and energy into finding more lucrative deals in the five boroughs of New York City.

KPP now has minority stakes in 123 NYC based multi-family units and plans to make more acquisitions in five boroughs of New York City in the near future.

"Tonight we are sponsoring another Networking and Presentation Event on the rooftop of Trump Place in NYC," according to Katrina Abel, who is in charge of coordinating this event. We are expecting an excellent turnout for this exclusive event that is by invitation only. This now is the second event KPP has held and it will also include a presentation on KPP Distressed Fund.

About King Penguin Properties, LLC:

King Penguin Properties (KPP) is an established family owned and operated New York-based real estate firm specializing in the acquisition of various real estate property types including: commercial, residential, multi-family, parking, and storage space.

KPP and its affiliates currently own outright or have stakes in 12 different properties with an estimated market value of over $25 million. For more information on King Penguin Properties please go to their web site at www.kpp.us.com.