Jungreis of Rosewood represents buyer and seller in $127.5 million portfolio sale; Treetop Development and the Weinroth family sell to A & E Real Estate Holdings

July 17, 2018 - Front Section
132-57 Sanford Avenue - Queens, NY
Aaron Jungreis,
Rosewood Realty Group

Queens, NY A & E Real Estate Holdings has purchased a six-building multifamily portfolio for $127.5 million from Treetop Development and the Weinroth family.

The Midtown-based multifamily owner purchased the 388,768 s/f portfolio of one seven-story elevator building and five six-story elevator buildings spread over three lots. The sale of the portfolio that consists of  a total of 428 apartments, closed on June 18th.

Rosewood Realty Group’s Aaron Jungreis represented both Treetop Development and A & E Real Estate Holdings in the sale of 132-57 & 132-61 Sanford Ave. and 132-48 41st Rd., 132-25 & 132-45 Maple Ave. and 41-40 Denman St., all in the Flushing neighborhood. Each property contains an indoor parking garage with a total of 115 spaces.

The portfolio sold for 15.3 times the current annual rent roll, at a 3.85% cap rate.

A & E, led by Douglas Eisenberg and John Arrillaga Jr., are planning a long-term hold on the properties for roughly 20 or 30 years. The price per unit comes to about $275,000 per door.

The firm also recently closed on the $287 million purchase of the Stonehenge Village complex on the Upper West Side.

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