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

A&E sells 821-unit package it assembled over the past four years

TRD New York /
Mar.March 23, 2015 02:15 PM

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.


Related Articles

arrow_forward_ios
From left: Jonathan Brody, Aaron Jungreis, and Alan Soclof

Stung by NY rent laws, Rosewood Realty is going nationwide

Stung by NY rent laws, Rosewood Realty is going nationwide
A&E Real Estate Holdings principal Douglas Eisenberg and the properties (Credit: The Rego Park 18 Portfolio)

Deutsche Bank provided A&E $97M in financing for big Rego Park buy

Deutsche Bank provided A&E $97M in financing for big Rego Park buy
A&E Real Estate Holdings principal Douglas Eisenberg and the properties along Queens Blvd and 65th Avenue (Credit: The Rego Park 18 Portfolio)

A&E Real Estate buys huge rent-stabilized portfolio at deep discount

A&E Real Estate buys huge rent-stabilized portfolio at deep discount
From left: 249 Broome Street, 135-145 West Kingsbridge Road, and 1975 Madison Avenue with Azimuth Development Group president Guido Subotovsky (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$30M NYC investment sales market looked like last week
Benchmark buys West Village multifamily building for $21M

Benchmark buys West Village multifamily building for $21M

Benchmark buys West Village multifamily building for $21M
A&E buys UWS complex for $220M

A&E buys UWS complex for $220M

A&E buys UWS complex for $220M
Property Resources-linked entity buying pair of Upper West Side buildings for $26M

Property Resources-linked entity buying pair of Upper West Side buildings for $26M

Property Resources-linked entity buying pair of Upper West Side buildings for $26M
Prana Investments purchases Bronx portfolio for $65M

Prana Investments purchases Bronx portfolio for $65M

Prana Investments purchases Bronx portfolio for $65M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...