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.
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.