The Real Deal New York

A&E’s Eisenberg buys Inwood portfolio for $31M

By Katherine Clarke and Mark Maurer | December 24, 2013 11:54AM

Doug Eisenberg of investment firm A&E Real Estate Holdings picked up a four-building multi-family portfolio in Inwood for $31 million from development and investment firm the Dermot Company, The Real Deal has learned.

Brokers Peter Von Der Ahe, Scott Edelstein and Seth Glasser of Institutional Property Advisors, a division of commercial real estate brokerage Marcus & Millichap, represented both the buyer and seller. Eisenberg was also represented by Rosewood Realty Group founder Aaron Jungreis.

The properties, which comprise a total of 186 rental units, are located at 222-228 Seaman Avenue, 29-45 Sickles Street, 623-631 West 207th Street and 631 West 207th Street. They were listed for a total $34.45 million in September.

“The buildings are all well maintained, and they’re a natural fit for him,” said Von Der Ahe, referring to Eisenberg.

Neither Eisenberg nor Dermot’s Andrew Levison could be immediately reached for comment.

Dermot acquired the 150,084-square-foot package for close to $23 million in 2006 and 2007, public records show.

The first property, on Seaman Avenue, consists of 40 units, while the second and third, at 29-45 Sickles Street and 623 and 631 West 207th Street, contain 94 units and 52 units respectively.

Recent renovations to the portfolio include updates to the common areas, the facades and new roofing, according to an offering memorandum.

In 2011, Eisenberg left Urban American, one of the largest owners of rent-regulated apartment buildings in the New York area, to start A&E Real Estate. The firm often does deals directly with property owners or through “quiet-brokered” offerings, which have limited marketing.

Dermot owns and operates a portfolio of more than 3,000 residential rental units in New York City and the Midwest, according to the company’s website.