A&E Acquires Rego Park Apartments in Continued Move Into Multifamily Investments
By Mark Hallum February 3, 2022 11:36 am
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A&E Real Estate has picked up 92-40 Queens Boulevard, a six-story, 56,482-square-foot building in Rego Park, Queens, for $15 million, Commercial Observer has learned.
At that price, A&E snagged the property at $200,000 per unit from Jeffrey Feil‘s Feil Organization, according to city records. Feil did not immediately respond to a request for comment.
This marks A&E’s fourth acquisition of a multifamily building in the last five months, according to A&E, as it works to build out a portfolio for its most recent real estate fund, AEREP III, which launched last year.
In September 2021, A&E bought two Jackson Heights, Queens buildings — at 35-64 84th Street and 80-01 37th Avenue — and picked up 400 East 57th Street, a 19-story, 263-unit apartment building in Midtown East, from SL Green Realty Corp. the following month.
“Our recent multifamily acquisitions in both Queens and Manhattan are a reflection of our strong belief in New York City and the attractive valuations we continue to see in the market,” A&E co-Founder Douglas Eisenberg said in a statement.
Avison Young’s James Nelson, Neil Helman, Charles Kingsley and Jon Epstein, Frederick “Fritz” Richter and Bradley Rothschild represented the Feil Organization. A&E Real Estate was advised by Aaron Jungreis of Rosewood Realty Group in the negotiations.
“We have owned and maintained this property for 50 years. It has come time that we move on and redeploy into another asset. We wish the new owners as much success as we have had,” Jeffrey Feil said in a statement.
At 97 percent occupied, the building is 88 percent rent stabilized, according to Avison Young.
Built in 1948, the 60-unit 92-40 Queens Boulevard is located between Eliot and 62nd avenues and is near Rego Park Shopping Center, Queens Center Mall and Flushing Meadows Corona Park.
Mark Hallum can be reached at mhallum@commercialobserver.com.
