E&M sells Bronx-heavy portfolio for $54M

Developer bought the 13 buildings from Urban American in 2012 for $37M

From left: 159 West 228th Street, Steven Vegh and 2322-2324 Grand Avenue
From left: 159 West 228th Street, Steven Vegh and 2322-2324 Grand Avenue

E&M Associates sold a 13-building portfolio, comprised of 11 buildings in the Bronx and two in Northern Manhattan, for $53.7 million, according to city records.

The most expensive buildings in the package were 2755 and 2763 Sedgwick Avenue in the Bronx, which went for a combined $14 million. The buildings in Manhattan are located at 1 West 228th Street — which went for $2.2 million — and 159 West 228th Street, which sold for $1.7 million. The buyer is an unidentified Brooklyn-based investor, public records indicate.

E&M, a Brooklyn-based multi-family investment and management firm, bought the portfolio in 2012 for $37 million from Urban American. In March, E&M sold a five-building portfolio in Far Rockaway for $52 million. In July, the firm paid $95 million to buy the ground under the building at 101 West 23rd Street.

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The portfolio, mostly made up of walk-ups, includes 492 residential units and five stores. No representatives from E&M were available for comment.

Westwood Realty Associates’ Steven Vegh represented both E&M and the buyer. Vegh declined to comment.

The Bronx portfolio also includes 11 West 172nd Street, 41 West 184th Street, 2291 University Avenue, 226 West Tremont Avenue, 1786 Topping Avenue, 2076 Creston Avenue, 2238 Morris Avenue, 1631 Grand AvenueAnd 2322 Grand Avenue.