Prana buys three Washington Heights rentals from A&E for $45M
Buildings at 30 and 37 Sickle Street total 150 units
By Konrad Putzier
Prana Investments bought three Washington Heights multifamily buildings from A&E Real Estate for $45.5 million, according to public records filed with the city Wednesday. The buildings at 30 Sickles Street, 37 Sickles Street and 95 Thayer Street include 195 apartments.
The sales price is a significant markup over what A&E paid for the buildings a mere few years ago. The company bought 30 Sickles Street, a 42,000-square-foot, 52-unit building, for $5.9 million in 2012. A year later, it paid $14.5 million for the 71,400-square-foot, 98-unit building 37 Sickles Street. All three buildings stand five stories tall.
A&E, headed by Douglas Eisenberg, has emerged as one of the city’s most active multifamily investors and held $2 billion worth of assets as of December.
Earlier this month, the company settled with the New York Attorney General over illegal tenant buyouts.
San Francisco-based Prana owns real estate assets in California and New York. In April, Prana sold a 10-building Bronx portfolio to Chestnut Holdings for $47 million.
In November, the company sold a five-building Bronx multifamily portfolio to Pistilli Realty Group for $41 million.