Doug Eisenberg’s A&E Real Estate Holdings has acquired a rent stabilized portfolio in Rego Park from the Kestenbaum family for $129.5 million. The 18 adjacent properties are located along Queens Boulevard and 65th Avenue.
- Dig Deeper: The portfolio spans 568,276 SF, and contains 539 apartments, plus 14 commercial units. It also features 238,262 SF of unused development rights. TRD reported that the deal traded at a 5 percent cap rate.
- Why it matters: With roughly 95 percent of the units being subject to rent-stabilization, this is the first large scale sale since the new rent laws went into effect.