A&E nabs Jackson Heights rental complex for $72M

La Mesa Verde holds 324 units across 6 buildings

TRD New York /
Jun.June 27, 2016 06:00 PM

A&E Real Estate, the multifamily investment firm led by Douglas Eisenberg, shelled out $72.1 million, or $375 a foot, to buy the La Mesa Verde Apartments complex in Jackson Heights, city records show.

The complex, at 24-19 90th Street and 34-18 91st Street, holds 324 apartments across six buildings connected by open-air bridges and spans 192,000 square feet. The price represents a cap rate of 4 percent.

The seller was BRG Management, led by Daniel Benedict. Neither Benedict nor Eisenberg was immediately available for comment.

BRG bought the fully rent-stabilized complex for $23.5 million in 2005, records show.

Rosewood Realty Group’s Aaron Jungreis brokered the transaction on behalf of the buyer.  David Schechtman and Lipa Lieberman of Meridian Capital were also involved in the deal, sources said. The brokers declined to comment.

A&E, now one of New York City’s top multifamily investors, is co-owned by John Arrillaga Jr., son of billionaire Silicon Valley real estate developer John Arrillaga.

The company has been actively targeting Queens in recent months and picked up five Queens rental buildings, including properties in Flushing, Corona and Richmond Hill, for $54 million last month.

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