The two communities, located in Port Ewen and Kingston, traded for $44 million. The purchase was funded with a $33 million loan.
E&M Management has purchased Lakeshore Villas and Sunset Gardens in Port Ewen and Kingston, N.Y., for $44 million. Eastern Union Funding arranged a $33 million, 10-year term loan, with a rate of 3.5 percent and a 30-year schedule, for the acquisition of the properties. Morgan Communities was the seller of the assets.
Lakeshore Villas is located at 557 Broadway in Port Ewen, near Route 9W, approximately three miles from the Sunset Gardens community in Kingston. Lakeshore Villas is a 151-unit property and comprises a mix of one-, two- and three-bedroom apartments, averaging 952 square feet.
Located at 45 Birch St. in the heart of historic Kingston, Sunset Gardens is a garden-style community comprising 217 units, featuring studios, one-, two- and three-bedroom apartments.
The properties feature community amenities such as a clubhouse, pool, playground and fitness facility.
“We were attracted to Lakeshore and Sunset because of their high occupancy rate, excellent property condition, as well as how both properties complement our existing portfolio within the greater Kingston submarket,” said Danny Goldstein, managing partner & principal at E&M Management, in prepared statements.
Vincent Ragosta purchased 22-11 New Haven Avenue from Irving Langer
22-11 New Haven Avenue (Credit: GFI Realty)
Staten Island-based investor Vincent Ragosta has purchased a multifamily building with 108 units in Far Rockaway for $22 million, just a few months after selling two of his properties in Jamaica, according to sources familiar with the deal.
The six-story building is located at 22-11 New Haven Avenue, near Beach 22nd Street, and includes 108 apartments and 21 parking spots. It spans about 96,000 square feet overall and was sold by real estate investor Irving Langer of E&M Associates, who had purchased it in 2014 for $12 million, according to property records. Yosef Katz of GFI Realty brokered the deal for both sides.
Ragosta plans to hold onto the property for the long term and make some basic renovations to the apartments, which are all rent stabilized.
In September, Ragosta sold a pair of his buildings in Jamaica at 88-22 Parsons Boulevard and 89-21 153rd Street to Zara Realty for just under $20 million. He also purchased a 63-unit multifamily building at 2244 Bedford Avenue in Flatbush for $11 million over the summer.
E&M Associates recently sold its four-building Far Rockaway rental complex known as the Sand Castle to Treetop Development for $135 million, and Related Companies is planning a pair of new buildings in the neighborhood on a pair of sites by the corner of Mott Avenue and Gateway Boulevard.
UPDATED, Nov. 28, 3:45 p.m.:Treetop Development picked up a four-building rental complex in Queens’ Far Rockaway neighborhood from E&M Associates for $135 million, the buyer said.
The complex at 711 Seagirt Avenue has four interconnected properties with a total of 916 rental apartments and eight commercial units. The buildings, known as the Sand Castle, sit just two blocks from the beach.
Westwood Realty Associates’ Steven Vegh represented both sides in the deal.
From left: Steven Vegh, Azi Mandel and Adam Mermelstein
Vegh said the purchase is a “significant value-add opportunity in one of New York City’s emerging residential neighborhoods.”
Treetop also secured a $97.5 million loan from Signature Bank, property records show.
Irving Langer’s E&M Associates has owned the complex since at least 2008, property records show. The landlord sold 42 rental buildings in Sunset Park in June to Fairstead Capital for about $100 million.
Dollar volume dropped 43% year-over-year, but jumped 42% over last quarter: report
The New York City multifamily market rebounded from a near-lifeless first quarter, but was still sluggish relative to the same period last year.
Overall, 278 buildings were traded in 119 deals that totaled $1.9 billion, up 42 percent from the first quarter, but down 43 percent compared with last year, according to a report by Ariel Property Advisors. As for pricing, both the Bronx and Queens saw prices appreciate while Brooklyn continued to soften.
In Manhattan, the total dollar volume was $507 million across 31 deals, the largest of which was FBE Limited’s $50 million purchase of a four-building portfolio in the Upper West Side’s Manhattan Valley.
Northern Manhattan saw a 181 percent increase in dollar volume: a total of $342 million was spent in 24 transactions, with four deals exceeding $20 million. The biggest transaction was the $40 million purchase of a 119-unit building at 385-395 Fort Washington Avenue in Washington Heights.
In Brooklyn, 90 buildings traded for $502 million in 29 sales, three of which were north of $75 million. That’s 9 percent fewer transactions than last quarter, and 76 percent more in dollars spent. The biggest deal, and the only one over $100 million, was Fairstead Capital’s purchase of a 42-building affordable-housing portfolio in Sunset Park from E&M Associates.
The Bronx gets the gold star this quarter for being the only sub-market to see more multifamily dollars spent than last year. The borough saw 20 trades for a total of $325 million, a 16 percent increase from 2016, but no growth relative to the previous quarter. Isaac Kassirer’s Emerald Equity Group had its hand in two significant transactions, as the seller of a 209-unit portfolio to Pistilli Realty for $38.5 million, and the buyer of Prana Investments’ 291-unit Fordham portfolio for $49 million.
E&M sells a Harlem rental building; Shamah picks up a multifamily building in Hamilton Heights
880 St. Nicholas Avenue in Harlem, Alan Shamah and in Hamilton Heights
1.) Irving Langer’s E&M Associates sold a 55-unit rental building at 148 West 142nd Street for $16.5 million less than two years after buying it for $10.6 million. Investor Shaul Kopelowitz, who owns a handful of multifamily buildings throughout Inwood, Washington Heights and Harlem, is the buyer. The six-story elevator building consists of 54 rent-stabilized apartments across 57,112 square feet. E&M has been selling off a number of Upper Manhattan properties, including a 47-building East Harlem portfolio which is expected to fetch more than $350 million.
2.) Investor Jon Rosenblatt bought an abandoned condominium project at 275 South 1st Street in Williamsburg for $16.3 million. According to property records from the Attorney General’s office, developers Yidel and Toby Hirsch submitted plans for the 25-unit residential condo in 2006, which had a projected sellout of $13.3 million. However, those plans were later abandoned in late 2015.
3.) New Jersey-based Shamah Properties, led by landlord Alan Shamah, bought a 36-unit rental building at 880 Saint Nicholas Avenue for $11.1 million from Newcastle Realty Services. The building, which holds mostly rent-stabilized units, spans 43,160 square feet across six floors. Newcastle last paid $7 million for the building nearly in 2014.