A&E to sell four-building portfolio for $60M

Buyers Sugar Hill and Abro will divvy up the Upper Manhattan and Queens assets

New York /
Mar.March 13, 2017 09:05 AM

A group of investors led by Sugar Hill Capital Partners and Abro Management is in contract to buy a four-building portfolio from A&E Real Estate Holdings for $60 million, sources told The Real Deal.

The 230-unit rent-stabilized package includes two buildings in Upper Manhattan and two in Queens. A&E bought them in two separate deals in 2012 and 2013 for a combined $30.7 million, about half the price for which they are now selling.

David Schwartz and Alex Friedman’s Sugar Hill, Richard Scharf’s Abro and partners are planning to split up the assets so that each individual party will have full control of a particular asset, sources said.

The deal is expected to close by May for about $260,000 per unit.

The Dermot Company had sold 115 East 116th Street in East Harlem and 4848 Broadway in Inwood to A&E in 2012. Then, in 2013, Ares Management, formerly AREA Property Partners, sold 188-30/188-34 87th Drive in Hollis and 39-11 – 39-15 62nd Street in Woodside, records show.

Douglas Eisenberg and John Arrillaga Jr.’s A&E, which owns more than 10,000 rental apartments in the city, specializes in long-term multifamily holds. Sources close to A&E said that the firm will sometimes opt to sell non-core assets located in gentrifying neighborhoods in a shorter timeframe.

Rosewood Realty Group’s Aaron Jungreis is brokering the deal. Representatives for A&E and Rosewood declined to comment, and Sugar Hill and Abro could not be reached.

In October, Sugar Hill closed on the $84 million purchase of a distressed senior assisted-living facility in Park Slope after being in contract for almost three years. That same month, Abro picked up a seven-story East Village rental building for $28 million.


Related Articles

arrow_forward_ios
Sugar Hill Capital’s David Schwartz with 121 West 116th Street (TerraCRG, Google Maps, Getty)
Uptown landlord Sugar Hill Capital faces another foreclosure
Uptown landlord Sugar Hill Capital faces another foreclosure
From left: William Macklowe Company's William Macklowe and A&E Real Estate's Doug Eisenberg along with 120 Fifth Avenue in Brooklyn, Acropolis Gardens in Astoria, and 2750 Homecrest Avenue in Brighton Beach (Getty, Google Maps, William Macklowe Company, A&E Real Estate)
Billy Macklowe, A&E scored biggest outer-borough loans
Billy Macklowe, A&E scored biggest outer-borough loans
Sugar Hill’s David Schwartz and 4300 Broadway (TerraCRG, Google Maps)
Major landlord Sugar Hill Capital faces Washington Heights foreclosure
Major landlord Sugar Hill Capital faces Washington Heights foreclosure
A&E’s Douglas Eisenberg and 140 Riverside Boulevard (Google Maps, A&E RE, Getty)
A&E lands $188M loan for UWS rentals — 5 months after buying them
A&E lands $188M loan for UWS rentals — 5 months after buying them
A&E’s Doug Eisenberg and Square Mile’s David Greenberg with 160 Riverside Boulevard (A&E Real Estate, Square Mile Capital Management, Google Maps)
Square Mile bankrolls A&E’s $415M UWS apartment deal
Square Mile bankrolls A&E’s $415M UWS apartment deal
From left: Sam Zell and Douglas Eisenberg along with 160 Riverside Boulevard (Getty Images, A&E Real Estate, Google Maps, iStock)
A&E nears $400M deal for another of Zell’s former Trump Place buildings
A&E nears $400M deal for another of Zell’s former Trump Place buildings
A&E Real Estate's Doug Eisenberg (AE, Google Maps)
A&E makes another big multifamily play with LeFrak buy
A&E makes another big multifamily play with LeFrak buy
Equity chairman Sam Zell in front of 140 Riverside Boulevard (Getty Images, Equity Residential)
Sam Zell sells former Trump Place apartments on UWS for $266M
Sam Zell sells former Trump Place apartments on UWS for $266M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...