A&E Real Estate Holdings pays $150M to Kestenbaum family for multifamily property in Rego Park

Douglas Eisenberg’s A&E Real Estate Holdings through the entity Queens Portfolio V, LLC paid the Kestenbaum family’s Queens Park Realty Corp. $150.0 million for 98-09 65th Road, 64-33 98th Street in Rego Park. The deal closed on November 18, 2019, and was recorded on December 6, 2019. The transaction consists of 2 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 538 residential units. The parcels have total development potential of 806,442 square feet.
The sale price per unit is $278,810.
The estimated cap rate is 2.4%.
The purchase includes development rights. The Kestenbaum family includes other surnames such as Mazurek. The listing was originally asking $210 million. B6 Real Estate Advisors’ Thomas Donovan, Eugene Kim, Tommy Lin and Robert Rappa represented the seller. Rosewood Realty Group’s Aaron Jungreis represented the buyer.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $86,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link