E&M looks to sell Washington Heights portfolio for $200M-plus

Nine-building package is largely located along St. Nicholas Avenue

TRD New York /
May.May 30, 2018 02:38 PM

Irving Langer and 1621-1629 St. Nicholas Avenue (Credit: Getty Images)

Irving Langer’s E&M Associates is looking to sell a nine-building portfolio in Washington Heights it bought just two years ago, sources told The Real Deal.

The landlord, which is one of the city’s largest owners of multifamily housing, is asking between $200 million and $215 million for the buildings, the sources said. Most of the properties lie along St. Nicholas Avenue between West 164th and 192nd streets.

The Iskander family’s Intervest Development Corp. sold the properties in 2016 to group of private investors located outside of New York City for $165 million. Sources said the group of syndicators flipped the package to E&M – an E&M affiliate is associated with the ownership, property records show.

In recent weeks, E&M hired Steven Vegh’s Westwood Realty Associates to market the portfolio for sale. Neither E&M nor Westwood immediately responded to requests for comment.

The portfolio spans about 490,000 square feet and includes 413 rental apartments – most of which are rent-stabilized. One of the buildings is the six-story, 47,500-square-foot property at 1621-1629 St. Nicholas Avenue. At $200 million, the per-door asking price is about $485,000.

Earlier this year, E&M sold 21 Harlem buildings to Isaac Kassirer for $85 million.  The firm was also spotlighted in the New York Times’ recent investigation into landlords with aggressive eviction tactics.


Related Articles

arrow_forward_ios
As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250th Issue

The Real Deal celebrates 250 issues

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline

Neir's Tavern (Credit: Google Maps)

Landlord to bar owner: You don’t have to go home but you can’t stay here

729 Seventh Avenue (Credit: Google Maps)

Lawyer argued façade was safe 3 months before fatal accident

Bill Ackman, LeBron James, and Arnold Schwarzenegger with 787 11th Avenue (Credit: Google Maps and Getty Images)

Celebrity property group caught in $11M construction dispute

Renderings of The William Vale and Denizen Bushwick (Credit: iStock)

All Year’s rating outlook turns negative as bondholders reject two amendments

arrow_forward_ios
Loading...