The Real Deal New York

Prana buys three Washington Heights rentals from A&E for $45M

Buildings at 30 and 37 Sickle Street total 150 units

June 15, 2016 04:00PM
By Konrad Putzier

From left: Prana CEO Neil McKinnon and 37 Sickles Street

From left: Prana CEO Neil McKinnon and 37 Sickles Street

UPDATED, June 15, 4:29 p.m.: Prana Investments bought three Washington Heights multifamily buildings from A&E Real Estate for $45.5 million, according to public records filed with the city Wednesday. The buildings at 30 Sickles Street, 37 Sickles Street and 95 Thayer Street include 195 apartments.

The sales price is a significant markup over what A&E paid for the buildings a mere few years ago. The company bought 30 Sickles Street, a 42,000-square-foot, 52-unit building, for $5.9 million in 2012. A year later, it paid $14.5 million for the 71,400-square-foot, 98-unit building 37 Sickles Street. All three buildings stand five stories tall.

Lazer Sternhell and Peter Vanderpool of Cignature Realty Associates represented the buyer, while Aaron Jungreis of Rosewood Realty Group represented the seller.

A&E, headed by Douglas Eisenberg, has emerged as one of the city’s most active multifamily investors and held $2 billion worth of assets as of December.

Earlier this month, the company settled with the New York Attorney General over illegal tenant buyouts.

San Francisco-based Prana owns real estate assets in California and New York. In April, Prana sold a 10-building Bronx portfolio to Chestnut Holdings for $47 million.

In November, the company sold a five-building Bronx multifamily portfolio to Pistilli Realty Group for $41 million.

MENU