Urban American sells Far Rockaway portfolio for $52M
Buyer E&M Associates on spending spree of late
Urban American inked a deal to sell a portfolio of five multi-family buildings in Far Rockaway for $52 million, The Real Deal has learned.
The Queens properties, at 407 Beach 20th Street, 22-11 New Haven Avenue, 22-04 Collier Avenue, 631 Beach 9th Street and 707 Beach 9th Street, comprise a total 422 apartments as well as a commercial unit and 102 parking spaces. The total size of the portfolio is 378,261 square feet.
Aaron Jungreis of Rosewood Realty Group brokered the deal on behalf of the seller and the buyer, E&M Associates, headed by Danny Goldstein and Michael Langer.
E&M has snapped up several major multi-family portfolios in recent months, including the purchase of an 84-building package from Baruch Singer for $340 million and a 539-unit portfolio from Coltown Properties for $75 million last year. Both of those portfolios were located in Upper Manhattan.
Urban American had owned the Far Rockaway properties since 2007. They bought them for a combined $56.44 million as part of a larger package deal, public records show.
Urban American is also looking to sell a large stake in a $1 billion portfolio it co-owns with the City Investment Fund. That portfolio holds apartments in Upper Manhattan and Roosevelt Island. Brookfield Properties is the leading bidder for the 3,962-unit package, The Real Deal previously reported.
Urban American declined to comment on the Queens deal.