UPDATED, March 25, 2:20 p.m.: E&M Associates just sold an eight-building package in Northern Manhattan to multifamily real estate investment firm Shamah Properties for $44 million in an off-market transaction, The Real Deal has learned.
Westwood Realty Associates’ Steven Vegh represented both parties in the deal.
Shamah, Vegh said, “sees the potential of the change in the neighborhood and the long-term upside.”
The Brooklyn-based E&M bought the package for a total of $22.7 million from Jared Kushner ‘s Kushner Companies in the summer of 2013.
The units are a mixture of rent-stabilized and market-rate units.
“These properties give us a stronger platform in upper Manhattan to grow our portfolio for our private client investors,” Shamah’s CEO Alan Shamah said in a statement.
Shamah has been expanding its portfolio of residential units in recent months. In November, it bought a 48-unit elevator building at 672-674 St. Nicholas Avenue in Hamilton Heights.
In December, E&M sold a 13-building portfolio in the Bronx and Northern Manhattan for $53.7 million, as TRD reported. The multifamily investment and management firm also bought a five-building package in Far Rockaway for $52 million last March.
Correction appended: a prior version of this article incorrectly stated the number of buildings in the transaction.