E&M Associates, a 40-year-old, family-owned Brooklyn company, has bought a series of Harlem apartment buildings from AIMCO, a Denver-based real estate investment trust, property records indicate. The total sale price was $67 million, a source with knowledge of the deal said. Only eight of the 21 buildings sold were immediately available in property records.
The Real Deal previously reported that the Denver-based real estate investment trust sold the 21 buildings, but the identity of the buyer was not revealed.
Real estate investment firm Newcastle Realty Services purchased neighboring apartment buildings at 656 and 759 St. Nicholas Avenue in Harlem for a combined $5.6 million from Colorado-based real estate firm Aimco late last year, city records posted yesterday show.
Sellers sought to unload properties before looming capital gains tax hikes as December wound down, a main reason why the fourth quarter was the strongest investment sales quarter in two and a half decades.
The firm paid $4.4 million for the six-story, 20,640-square-foot property at 656 St. Nicholas Avenue, which features 30 residential units; and $1.2 million for the building at 759 — a 5,666-square-foot, four-story building with nine units.
Apartment Investment and Management Company closed a $190.7 million FHA-insured loan to finance the redevelopment of Lincoln Place, a 35-acre property at 1077 Elkgrove Avenue in Venice, Calif.
The FHA-lender Red Mortgage Capital provided the loan, which bears an interest rate of 2.73 percent and is interest-only until 2014, when it converts to a 40-year fully amortizing loan freely pre-payable after 10 years. At closing, Aimco prepaid a $63 million loan secured by the property that required interest at 7.5 percent and that was due in the fourth quarter of 2013.