A&E Real Estate Acquires 1,212-Unit LeFrak Apartment Portfolio in Brooklyn for $248.7M

by Jeff Shaw

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, which developed the buildings between 1957 and 1961, also sold the portfolio, which spans 1,212 apartments, 306 parking spaces and five commercial units. Since 2015, LeFrak has invested more than $18 million in capital improvements throughout the portfolio.

The largest buildings in the portfolio include 2750 Homecrest Avenue and 2775 East 12th Street, each of which consist of 189 apartments, and 2375 East 3rd Street, which comprises 134 apartments. 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.

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