The Real Deal New York

Heller Realty pays $207M for 11-building Brooklyn portfolio

A&E sells 821-unit package it assembled over the past four years
By Mark Maurer | March 23, 2015 02:15PM

Heller Realty, led by Ben Heller and Arnold Simon, has taken a big bite out of the Brooklyn multifamily market with the $206.5 million purchase of an 11-building portfolio from Douglas Eisenberg’s A&E Real Estate, The Real Deal has learned.

The assemblage, largely concentrated in Flatbush and Brighton Beach, spans 870,000 square feet and includes 821 rental apartments. All of the properties are six-story elevator buildings. There are a total of 33 parking garage spaces and no retail space.

A 107-unit property at 486 Brooklyn Avenue in Wingate, a neighborhood just east of Prospect Lefferts Gardens, was the largest property in the portfolio, spanning just under 114,000 square feet, records show.

A&E assembled the portfolio over the past four years. In February, the Midtown-based investment firm picked up 32 buildings across three boroughs from the Dermot Company for north of $360 million last month, as TRD reported. None of those acquisitions were part of this most recent transaction.

In another large multifamily deal, Peter Rebenwurzel’s Coney Realty Group and Malek Management closed on a 1,434-unit, Brooklyn-centric portfolio this month for $236 million.

Rosewood Realty Group’s Aaron Jungreis, who represented both sides in the deal, declined to comment. Neither Heller nor Eisenberg could be immediately reached.

Heller’s holdings include a 15-story Upper West Side rental building at 698 West End Avenue, and a 13-story East Village rental building at 60 East 12th Street, also known as 818-824 Broadway.