A&E Real Estate Buys 7 Queens Multifamily Properties From Ares
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A&E Real Estate Holdings is under agreement to purchase seven multifamily buildings, all in Queens, from Ares Management.
The transaction continues A&E's aggressive expansion into New York City multifamily, much of it coming from Los Angeles-based Ares, which has now sold nearly 50 buildings to A&E since 2013. The seven buildings, for which the sale will close this summer, total 343 apartments over 272K SF, sold at a total cost of $82.8M, The Real Deal reports.
The seven buildings in the deal — 22-73 41st St. in Astoria, 132-70 Sanford Ave. and 151-10 35th Ave. in Flushing, 41-41 44th St. and 47-07 39th St. in Sunnyside, and 40-11 79th St., 40-19 79th and 42-29 Judge St. in Elmhurst. Rosewood Realty Group's Aaron Jungreis brokered the sale.
The acquisition adds to what was already a massive New York City portfolio for A&E at more than 12,000 apartments, while Ares transitions away from multifamily in the city to office, like its proposed Class-A redevelopment in Greenwich Village.