Irving Langer’s E & M Associates, a privately held New York City residential real estate company, has paid $95 million for the rights to the land underneath a residential apartment building on the outskirts of Manhattan’s Chelsea neighborhood. This according to public records that were first uncovered by The Real Deal.
Now that they own the land rights, E & M will be able to charge the building’s tenants fees for living there.
E & M Associates has taken out a $70 million mortgage from Jeffries LoanCore in order to pay for the rights. The loan has a variable interest rate.
Located at 101 West 23rd Street on the corner of sixth Ave, the co-op building has 80 units and was built in 1957.
The land was acquired by E & M from Treber Realty on June 10th.
Treber Realty, the building’s current management company, had contracted a new deal in 1999, that was to run through 2044. But the tenants were not happy with the arrangement which caused their monthly maintenance fees to skyrocket.
Irving Langer, president and founder of E&M Associates, established the firm in 1971. He is partnered in it with Liebel Lederman and Aryeh Ginzberg.
E&M owns and manages over 3000 apartments in the New York metropolitan area.