A&E Real Estate Acquires 1,212-Unit LeFrak Apartment Portfolio in Brooklyn for $248.7M
NEW YORK CITY — A&E Real Estate has acquired 14 multifamily buildings in Brooklyn’s Gravesend and Sheepshead Bay neighborhoods for $248.7 million. The LeFrak Organization sold the portfolio, which spans 1,212 apartments, 306 parking spaces and five commercial units.
The LeFrak family developed all 14 of the buildings between 1957 and 1961. Since 2015, LeFrak has invested more than $18 million in capital improvements throughout the portfolio.
The largest buildings in the portfolio include 2750 Homecrest Ave. and 2775 East 12th St., each consisting of 189 apartments; and 2375 East 3rd St., which comprises 134 apartments.
“As long-term believers in the enduring strength of New York City and its residential neighborhoods, we have been undeterred by the economic, regulatory and pandemic-related uncertainties that have periodically sent other multifamily investors to the sidelines,” says Douglas Eisenberg, executive chairman of A&E Real Estate.
The acquisition was financed in part through a $170 million fixed-rate loan from Signature Bank, which Jonathan Estreich and Jason Boxer of Estreich & Co. arranged.
This transaction marks the latest in A&E’s recent series of major New York City multifamily acquisitions. Over the past 12 months, the company has acquired 3,284 apartments across 43 buildings in Brooklyn, Manhattan and Queens.
“The completion of this deal serves to underscore our confidence in the future of this city,” says John Arrillaga, Jr., co-founder of A&E Real Estate.
— Kari Lloyd