This might be the ultimate New York City real estate long game. A complex that was built in the 1940s and never changed hands, just traded for a whopping $89 million, The Real Deal has learned.
Douglas Eisenberg’s A&E Real Estate Holdings is the new owner of the 441-unit Bronx rental complex, according to sources familiar with the transaction.
The eight-building rental development is located in the northern part of the Riverdale section of the Bronx. The properties include 5530-5580 Netherland Avenue, 5615-5645 Netherland Avenue and 5600-5650 Netherland Avenue. All told, the buildings comprise of 400,000 square feet.
It’s A&E’s second big buy of the year, after purchasing a 32-building portfolio from the Dermot Co. in February for more than $360 million.
Carlin Axelrod’s Axelrod Management — under the LLC Riverdale Gardens — is the seller, property records indicate.
The deal closed late last month.
Rosewood Realty’s Aaron Jungreis was the broker on the transaction. He declined to comment when reached by phone.
Eisenberg, who launched the Midtown-based A&E in 2011 after leaving his father’s firm, Urban American, could not be reached for comment. Axelrod couldn’t immediately be reached.