“L3 Capital, ASB Mgmt Pay $86M for Lee Estate Portfolio in Brooklyn”
Myron Holding Corp has sold The Lee Estate Portfolio, a diverse package of commercial and residential properties in Brooklyn, for $85.75 million to a joint venture of L3 Capital LLC and ASB Capital Management LLC, on behalf of its Allegiance Fund, a $5 billion core investment vehicle.
Chicago-based L3 Capital is a real estate investment firm focused on institutional and value-add urban retail investments in first-tier U.S. metro markets. ASB Capital is a leading investment management firm headquartered in Washington, D.C. with more than $5.7 billion in gross assets under management. ASB’s retail portfolio now exceeds $1 billion, including $900 million in New York City alone. Joseph A. Sarcinella, partner, David Jones, and Dan Hopper with law firm Thompson & Knight LLP advised the buyers on the purchase and sale agreement as well as restructuring the agreement in response to recently-filed litigation.