Engel Burman pays $46M for UES portfolio

Developer also lands $76M Wells Fargo construction loan

New York /
Jul.July 25, 2018 06:14 PM

Jan Burman and 1622-1632 York Ave (Credit: The Abli and Ariel Property Advisors)

Long Island-based developer Engel Burman Group bought an Upper East Side apartment portfolio at 1622-1632 York Avenue for $46.5 million, property records show.

Engel Burman also landed a $76.4 million construction loan from Wells Fargo to pay for unspecified “improvements.” It wasn’t immediately clear what kind of work the developer plans to do.

Engel Burman did not immediately respond to a request for comment. The estate of Jacques Chretien, which first put the properties on the market for $49 million in January 2016, is the seller.

The portfolio consists of six adjacent walkup buildings at the corner of East 86th Street standing between three and four stories tall.

In December 2016, Engel Burman bought the Upper West Side senior housing building 305 West End Avenue for $150 million in partnership with Northwind Group and Harrison Street Real Estate Capital.


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)
Hudson Yards megadevelopment inspires a new line of sex toys
Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Scott Stringer (Getty, New York City Comptroller, iStock)
Stringer’s housing plan doesn’t pencil out: developers
Stringer’s housing plan doesn’t pencil out: developers
State Sen. Brad Hoylman and State Assemblymember Harvey Epstein (Getty)
Lawmakers propose canceling restaurant rent, providing relief for landlords
Lawmakers propose canceling restaurant rent, providing relief for landlords
RE/MAX CEO Adam Contos (Facebook)
RE/MAX revenue ticks up in Q4 but profit sinks
RE/MAX revenue ticks up in Q4 but profit sinks
Five small landlords, represented by Randy Mastro, have sued New York attorney general Letitia James (Getty)
Lawsuit challenges New York eviction ban’s constitutionality
Lawsuit challenges New York eviction ban’s constitutionality
U.S. District Judge John Campbell Barker, who was appointed by former President Donald Trump, ruled the eviction moratorium to be unconstitutional. (Getty, Texas Attorney General)
National eviction moratorium ruled unconstitutional, but remains in place
National eviction moratorium ruled unconstitutional, but remains in place
arrow_forward_ios

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

Loading...