A&E buying Queens portfolio for $119M

Eisenberg’s firm buying six buildings from Treetop and Weinroth family

New York /
May.May 25, 2018 05:34 PM

From left: Adam Mermelstein, Douglas Eisenberg and 132-25 & 132-45 Maple Avenue

A&E Real Estate Holding is in contract to buy a six-building multifamily portfolio in Queens’ Flushing and Elmhurst neighborhoods for $118.5 million, sources told The Real Deal.

The Midtown-based multifamily giant is purchasing a total of 428 apartments from Treetop Development and the Weinroth family in three separate transactions, which are all expected to close around the same time in the next two or three months, sources said.

The addresses are 41-40 Denman Street in Elmhurst and 132-25 Maple Avenue, 132-48 41st Road, 132-45 Maple Avenue, 132-57 Sanford Avenue and 132-61 Sanford Avenue in Flushing. Together, they span roughly 375,000 square feet.

The buildings are part of an eight-building portfolio that Treetop and Weinroth acquired in 2015 for $138.8 million.  The two not included this time around — 132-40 and 133-17 Sanford Avenue – were bought last year by Joel Wiener’s Pinnacle Group for $58 million.

Sources said the Weinroth family has the dominant equity stake in the six buildings, and Treetop – a New Jersey-based investment firm led by Azi Mandel and Adam Mermelstein – serves as the property manager. The buildings have an average in-place cap rate of around 4 percent.

Aaron Jungreis

Aaron Jungreis

Rosewood Realty Group’s Aaron Jungreis is brokering the deal. The buyer and broker declined to comment, and the sellers could not be reached.

A&E, led by Douglas Eisenberg and John Arrillaga Jr., is planning a long-term hold of the properties for roughly 20 or 30 years, sources said. The price per unit comes to about $275,000 per door.

The firm also recently closed on the $287 million purchase of the Stonehenge Village complex on the Upper West Side.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)
Here’s what the $10M-$30M NYC investment sales market looked like last week
Here’s what the $10M-$30M NYC investment sales market looked like last week
Real Capital Analytics data showed that New York’s multifamily market had a very slow July. (Credit: iStock)
New NYC rent law “beginning to shut down investment”
New NYC rent law “beginning to shut down investment”
Numbers were down across the board (Credit: iStock)
New York’s multifamily market had its slowest first half of the year since 2011
New York’s multifamily market had its slowest first half of the year since 2011
The Montana property with director Robert Redford and star Brad Pitt. (Getty, Swan Land Company)
“A River Runs Through It” Montana ranch lists for $136M
“A River Runs Through It” Montana ranch lists for $136M
From left: 944 Fifth Avenue, 67-69 East 93rd Street and 15 East 88th Street (Google Maps)
Three Manhattan sellers aim high asking $25M+ for luxury pads
Three Manhattan sellers aim high asking $25M+ for luxury pads
FiDi condo supply is through the roof as workers delay office return. (Getty)
FiDi condo glut is through the roof
FiDi condo glut is through the roof
eXp CEO Glenn Sanford (eXp, iStock)
Virtual broker eXp Realty has another record quarter
Virtual broker eXp Realty has another record quarter
RSA's Joseph Strasburg and Judge Lawrence Marks (Getty, Strasburg via Jeffersons Siegel)
Landlord group challenges state eviction ban
Landlord group challenges state eviction ban
arrow_forward_ios

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

Loading...