E&M sells its final Bronx property for $31M

Brooklyn-based investor bought 975 Walton Avenue in 2010 for $11 million

975 Walton Avenue and Aaron Jungreis
975 Walton Avenue and Aaron Jungreis

E&M Associates, a prominent Brooklyn-based multifamily landlord, sold its final property in the Bronx for $31 million, The Real Deal has learned.

E&M, which owns and manages thousands of apartments all over the city, acquired 975 Walton Avenue in 2010 for roughly $11.3 million, as part of a 21-building package, according to Rosewood Realty Group’s Aaron Jungreis, who brokered the deal.

Brooklyn-based investor Benzion Kohn is the buyer, sources said. Kohn also bought 155 West 162nd Street from E&M last year for $9.5 million.

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Jungreis said that he has seen an uptick in activity in the borough, adding that he sold 59 buildings in the Bronx thus far this year.

The six-story, elevator building at 975 Walton, in close proximity to Yankee Stadium, includes 182 residential rental units across 278,000 square feet, as well as 1,000 square feet of commercial space. It was the site of a six-alarm fire in 2012 that wounded 28 firefighters and three residents.

In December, E&M sold 13 buildings, 11 in the Bronx and two in Northern Manhattan, for $53.7 million, as TRD reported. Earlier in 2014, it bought an 84-building package in Upper Manhattan from Baruch Singer for $340 million and a 539-unit portfolio from Coltown Properties for $75 million in 2013.

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