E&M Management cashes in on Canarsie property
15 years later, multifamily landlord sells Brooklyn building for hefty profit
One of New York City’s biggest residential landlords turned a hefty profit on a long-held property.
Irving Langer’s E&M Management sold the 86,800-square-foot building at 633 East 104th Street for $51.3 million, according to property records. The deed was recorded with the city on Friday.
The company purchased the building in 2004 for $12.5 million. The deal for the five-story property was done through E&M Associates, and the seller was Canarsie Hotel.
In the most recent sale, the buyer entity was 615 East 104 Holdings at 1 State Street, records show. Yehoshua Leib Fruchthandler and Jeffrey Zwick signed documents for the transaction.
Langer and Fruchthandler did not respond to messages for comment. Zwick could not be reached for comment.
E&M Management has a 3,000-unit portfolio that is concentrated in Northern Manhattan, Brooklyn and Queens.