A&E snaps up five Queens resi buildings for $54M

Most of the apartments are rent-stabilized units

TRD New York /
May.May 25, 2016 06:45 PM

Multifamily heavyweight A&E Real Estate Holdings just picked up five Queens rental buildings for $54 million, according to property records filed with the city Wednesday.

The firm purchased a mix of four- and five-story buildings in Flushing, Corona and Richmond Hill, records show. A majority of the 254 apartments in the buildings are rent-stabilized units, according to data service Reonomy.

The addresses are 102-43 Corona Avenue in Corona; 139-09 34th Road and $20.7 million for 139-06 34th Road in Flushing; and 109-05 120th Street and 87-14 129th Street in Richmond Hill. AREA Property Partners and Vantage Properties bought the buildings through a joint venture in 2008 for a combined $40 million, according to property records.

A representative for A&E could not immediately be reached for comment. Rosewood Realty Group’s Aaron Jungreis served as the broker for the deal.

A&E is one of New York City’s top multifamily players. The firm, formed in 2011 by John Arrillaga Jr. and Douglas Eisenberg, acquired more than $800 million in rental properties alone. In December, A&E shelled out $201 million for the Riverton, a Harlem housing complex. The deal kept nearly 1,000 of the complex’s units affordable in exchange for more than $100 million in tax breaks.

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