The Real Deal New York

E&M pays $29M for four-building Brooklyn portfolio

Assemblage in Prospect Heights, Crown Heights spans 77K sf
By Mark Maurer | June 10, 2015 03:10PM

E&M Associates is continuing its outer-borough multifamily buying spree with the purchase of a four-building portfolio in Brooklyn for $28.9 million, according to property records filed with the city Wednesday.

The four-story properties, Known As The Plaza Apartments, are located at 298, 304 and 310 St. Johns Place in Prospect Heights and 212-220 Crown Street in Crown Heights.

Larry Hirschfield’s ELH Management acquired the portfolio from Olympic Diamond Corp. for $12.4 million in 2012, records show. The buildings offer a total of 75 apartments and more than 77,000 square feet.

ELH specializes in developing and renovating affordable housing buildings in the city.

An Ariel Property Advisors team led by Victor Sozio and Shimon Shkury brokered the transaction.

E&M, a Flatbush-based investment firm, will “capitalize on strong cash flow, a prime Brooklyn location and tremendous future upside,” Sozio said.

Last week, E&M acquired two Astoria rental buildings from a fund management arm of the Related Cos. for $72 million, as The Real Deal reported.