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

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

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.

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