Hudson Realty sells Kew Gardens Hills portfolio for $216M

Buyer of 12-parcel package is controlled by A&E Real Estate, records show

TRD New York /
Sep.September 24, 2014 05:10 PM

UPDATED, Sept. 25, 12:18 p.m.: Hudson Realty sold a large portfolio of apartment buildings in Kew Gardens Hills for $216 million, according to city records filed today.

The buyer is an entity controlled by Midtown-based A&E Real Estate, according to the website for the city’s Department of Housing Preservation & Development. A&E’s affiliate took out several loans totaling $165 million from M&T Bank, city records show.

A&E, which typically works under the radar and focuses on rent-regulated buildings, made The Real Deal’s list of startup companies making waves last year.

The portfolio comprises 12 parcels in Queens, including garden apartment buildings such as 150-18 72nd Drive. Other parcels with multiple buildings per parcel were on 72nd, 73rd, 75th, 150th and 153rd Road and Kissena Boulevard.  Sources told The Real Deal the purchase, which closed on September 8, comes with several hundred thousand square feet of air rights.

Robert Knakal of Massey Knakal Realty Services listed the portfolio comprised of 53 buildings and 1,270 apartments earlier this year. At the time, insiders said it could sell for as much as $250 million. It is not clear whether all of the buildings were sold in the transaction.

Insiders said Aaron Jungreis, president of Rosewood Realty Group, also participated as a broker on this deal. Jungreis did not return a call for comment, and his role was disputed by another source in the deal.

Representatives from A&E Real Estate and Massey Knakal were not immediately available for comment.

Adam Pincus contributed reporting to this story.

Correction: An earlier version of this story said the portfolio had an asking price of $250 million. In fact there was no asking price and that figure was industry speculation.

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