A&E Real Estate buys 22-building residential community in Queens Village, NY

A&E Real Estate has acquired Cunningham Heights in Queens Village, New York.

A&E acquired the buildings, which now are 99-percent occupied, from a local family for $130 million, or $123,106 per unit.

“This is a great time to invest in New York City,” said Douglas Eisenberg, A&E co-founder. “From luxury buildings south of 96th Street to workforce-housing communities throughout the five boroughs, New York’s residential neighborhoods have consistently proven to be popular, durable and resilient. As was the case with Cunningham Heights, we continue to field a wide range of multifamily investment opportunities that, despite their very strong fundamentals, are not attracting nearly the same level of interest among institutional investors that we saw pre-pandemic.”

The residential community features a garden-style network of 22 three-story buildings encompassing 1,056 rental apartments and 623 parking spaces across 25 onsite garages.

Maggie