The Real Deal New York

E&M buys two Astoria rentals from Related for $72M

Criterion-developed buildings have had 3 owners in 3 years
By Mark Maurer | June 09, 2015 11:30AM

E&M Associates paid $72.3 million for a pair of Astoria rental properties owned by a Related Cos. fund, in the second sale since Shibber Khan’s Criterion Group developed them just three years ago, The Real Deal has learned.

The market-rate apartment buildings at 11-15 Broadway and 30-50 21st Street, known respectively as Astoria at Hallet’s Cove and the Montenegro of Astoria, hold a total of 144 units. They are roughly five blocks away from each other in southern Astoria, but continue to be sold as a package.

Astoria at Hallet’s Cove is an eight-story, 76,100-square-foot elevator building with 79 apartments, while the Montenegro of Astoria is an eight-story, 59,240-square-foot elevator building with 65 apartments, according to PropertyShark.

The off-market deal closed last week, according to Rosewood Realty Group’s Aaron Jungreis, who brokered the transaction.

Related Fund Management, the fund management platform of the development giant behind the Hudson Yards megaproject, bought the buildings from Criterion for a combined $60 million in 2013, a year after they opened. Related Fund Management’s strategy is to acquire, create value and sell.

Representatives for Related and E&M could not be reached for comment.

Earlier this year, E&M, a Flatbush-based multifamily investment firm led by Irving Langer, sold four Bedford-Stuyvesant rental buildings to Bushburg Properties.

Elsewhere in Astoria, Alma Realty’s 1,723-unit Astoria Cove project received city approval in November.