Aaron Jungreis | President, Rosewood Realty Group

After winning an assignment last summer for an outer-borough multifamily package, Aaron Jungreis jogged his memory for potential buyers.

“You always go to that top line – the junkies,” said Jungreis, the president of Rosewood Realty Group, one of the city’s most active multifamily brokerages. “And the second level are guys who are not as prone to risk.”

• The sale of two contiguous four-story walk-ups with 59 apartments in the Prospect-Lefferts Gardens neighborhood for $14.6 million. The buildings, at 558-566 Parkside Ave. (between Bedford and Rogers Aves.) total 57,600 s/f, and sold for 14.35 times the annual rent roll, with a cap rate of 4.5%. Rosewood Realty Group’s Michael Guttman represented the buyer, 558-566 Parkside LLC and Aaron Jungreis represented the seller, 566 Parkside LLC.

Blackstone provided $57 million in acquisition financing up front, and agreed to lend $7 million for building upgrades over time, sources said. The private equity firm occasionally partners with A&E or lends on its purchases.

Sentinel, led by John Streicker, has been moving to sell off a chunk of its holdings, mostly in Upper Manhattan so far. The firm recently sold a building in Manhattanville for $23 million and a five-building Washington Heights portfolio for $101.5 million. But it’s still picking up assets in Brooklyn, such as three-building Brighton Beach portfolio for which it paid $57 million last year. 

Rosewood Realty Group’s Aaron Jungreis, who brokered the deal, declined to comment, as did Sentinel.

Touro shopped the property for $115 million in 2015 with Cushman & Wakefield, but six months ago re-listed it for $85 million to $90 million with Rosewood Realty Group.

Rosewood Realty Group announced the $76.25 million sale of a four-building portfolio in Astoria, Queens, owned by Kushner Companies.

This is the third time in five years that Rosewood’s Aaron Jungreis has sold these buildings. The buyer was Queens investor Karan Singh.

The package (21-80 38th Street, 21-81 38th Street, 23-05 30th Avenue and 23-15 30th Avenue) features 143 rental apartments and 11 retail spaces, and spans 123,500 s/f.

According to Jungreis, the buildings have climbed in value in just four years. RockFarmer Properties, formerly known as RockFarmer Capital, purchased them in 2013 for $32 million and then sold them to Kushner for $51 million in January 2015.

Kushner put the buildings on the market last fall for $85 million.

“The buildings were very well maintained and still have some upside which will allow the new owner to further increase the properties value,” said Jungreis.

About 60 percent of the portfolio’s  apartments are free-market. Kushner Companies reportedly invested about $10 million in the buildings over the past two years. Kushner’s profit from the sale of the buildings is estimated to be in the neighborhood of $15 million. They were the only Queens properties owned to date by Kushner Company.

Kushner Companies is in contract to sell a four-building Astoria portfolio to Queens investor Karan Singh for $76 million, or $615 per square foot, sources told The Real Deal. The buildings marked Kushner’s only major Queens venture to date – and a brief one at that.

The package holds 143 rental apartments and six retail spaces, and spans 123,500 square feet. The buildings have climbed in value in just four years. RockFarmer Properties bought them in 2013 for $32 million and then sold them to Kushner for $51 million in January 2015. Kushner opted to sell all but one retail condominium at 21-81 38th Street with five retail units.

The addresses are 21-80 38th Street, 21-81 38th Street, 23-05 30th Avenue and 23-15 30th Avenue.

About 60 percent of the apartments are free-market. Kushner invested about $10 million in the buildings over the past two years, sources said. Kushner’s profit from the sale of the buildings is estimated to be in the neighborhood of $15 million.

Singh entered contract late December, and is slated to close in April, sources told TRD. The sales price clocked in almost $10 million below the $85 million asking price.

Before signing for the Kushner deal, Singh entered contract for another set of Queens properties, which just closed Friday.

Singh acquired a pair of contiguous rental buildings at 71-05 and 71-11 37th Avenue in Jackson Heights from the Benson Company for $31.5 million. The six-story elevator buildings have a combined 106 apartments and span 85,856 square feet. The average rent at the properties is $1,477 per square feet. The buildings have a total net operating income of $1.2 million, according to marketing materials obtained by TRD.

Singh and his partners Rajmattie Singh and Rajmattie Persaud occasionally buy small single-family and multifamily properties in Queens and the Bronx. But those sporadic acquisitions are leagues away in price from these recent deals. One source said Singh recently “woke up” after years of small-time plays.

For that deal, Singh operated under the entity, 590-600 One Realty Corp., and was represented by the law firm Wachtel Missry.

Rosewood Realty Group’s Aaron Jungreis, who brokered both deals, declined to comment, as did Kushner. Singh could not be reached.

Laurent Morali became head of Kushner Companies in January after Jared Kushner, who had been the CEO of the development firm for over a decade, stepped down from that position for a senior adviser role at the White House.

Fairfield Properties, a family owned real estate firm in Melville, Long Island, has purchased 365 Stewart Avenue in Garden City, Long Island for $36.5 million.

The 80-unit, four-story, elevator apartment building, is 76,354 s/f and was built in 1938.

Aaron Jungreis, the co-founder and president of Rosewood Realty Group, represented both the seller, Va Garden City LLC National Registered Agents Inc., and the buyer.