Long Island-based developer Engel Burman Group bought an Upper East Side apartment portfolio at 1622-1632 York Avenue for $46.5 million, property records show.
Engel Burman also landed a $76.4 million construction loan from Wells Fargo to pay for unspecified “improvements.” It wasn’t immediately clear what kind of work the developer plans to do.
Engel Burman did not immediately respond to a request for comment. The estate of Jacques Chretien, which first put the properties on the market for $49 million in January 2016, is the seller.
The portfolio consists of six adjacent walkup buildings at the corner of East 86th Street standing between three and four stories tall.
In December 2016, Engel Burman bought the Upper West Side senior housing building 305 West End Avenue for $150 million in partnership with Northwind Group and Harrison Street Real Estate Capital.
Article Posted on The Real Deal