NEW YORK CITY—E&M Associates has purchased a $52 million multifamily portfolio of properties in the Far Rockaway section of Queens. The seller was Urban America.
Company founder Irving Langer, together with his son Michael Langer and partner Danny Goldstein, plans to update the properties located at 22-11 New Haven Ave.; 407 Beach 20th St; 22-04 Collier Ave. and 707 Beach 9th St. in Far Rockaway, NY.
“We bought a great asset with a lot of upside, but there were a lot of moving parts involved,” says Michael Langer. “We plan on putting a lot of money into these properties, and we needed a deal which guaranteed the flexibly to earn out more proceeds at today'.”
Eastern Union Funding's Jeff Seidenfeld, managing director, who represented the buyer in the deal, arranged an acquisition loan for his client that covered 77% of the appraised value for the portfolio, provided by Customers Bank with a 3.25% annual interest rate. The loan features no prepayment penalty and additional earn out is available to fund the upgrades at the same rate.
“The property has tremendous upside potential,” Seidenfeld adds. “Given the surge in Queens development and demand, a lot of capital was chasing this deal and we had a commitment within 30 days.” ?
Brooklyn-based E&M made a big splash late last year when it picked up the $340 million Singer portfolio of 84 multifamily buildings between West 111th street and West 141st street. The acquisition was the year's largest purchase of a multifamily portfolio, Eastern Union reports.
The buyer was unavailable for comment while an Urban America official did not respond to a request for comment.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
