The Real Deal New York

BRG buys Queens portfolio for $50M

Deal is latest in string of sales for Urban American
By Katherine Clarke | March 24, 2014 05:18PM

Urban American has sold four more of its Queens multi-family buildings, this time to Great Neck-based landlord BRG, for $50 million, The Real Deal has learned.

The 276-unit Sunnyside and Elmhurst portfolio is comprised of properties at 43-31 45th Street, 41-96 Gleane Street, 87-40 Elmhurst Avenue and 87-42 Elmhurst Avenue. BRG already owns approximately 1,800 units in the immediate vicinity.

Aaron Jungreis of Rosewood Realty brokered the transaction on behalf of the buyer and seller. BRG was also advised by Ralph Herzka and Avi Weinstock of Meridian Capital, a company spokesperson said.

“These properties are quality buildings located in great neighborhoods proximate to the subway. They are a fantastic addition to our growing Queens and New York City portfolio,” Daniel Benedict, president of BRG, said in a statement.

The purchase expands BRG’s holdings to include approximately 5,500 multi-family units in New York City, he said.

The deal is the latest in a string of sales by Urban American. Earlier this month, the company inked an agreement to sell a portfolio of five multi-family buildings in Far Rockaway to E&M Associates for $52 million, The Real Deal previously reported.

The company is also looking to sell a large stake in a $1 billion portfolio it co-owns with the City Investment Fund in Upper Manhattan and on Roosevelt Island.