Irving Langer and Leibel Lederman’s Brooklyn based E&M Associates has sold a 13 building residential portfolio in New York City for $53.7 million, The Real Deal has reported. 11 of the buildings are in the Bronx and two are in Manhattan and they include a total of 492 apartments.
E&M paid $37 million for the portfolio just 2 years ago.
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Two of the Bronx buildings, 1 West 228th Street, fetched $2.2 million, and 159 West 228th Street, got $1.7 million. The second building was built in 1915, has five floors and is fifty five feet high.
$14 million alone went for 2755 and 2763 Sedgwick Avenue in the Bronx. They are located in the Kingsbridge area by the Deegan Expressway just north of Yankee Stadium. 2763 was built in 1923, has 5 stories and 62 units.
E&M Associates is a residential real estate investment and management company, specializing in multifamily apartment properties within New York City. Based in Brooklyn, with satellite offices throughout the boroughs.