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major multifamily owner, A&E Real Estate, is considering selling a large Upper West Side apartment complex at a significant loss. The 413-unit Holland complex was purchased by Douglas Eisenberg's company in 2018 for $287 million and is now being marketed for sale with an asking price of around $200 million, roughly a third less than the original purchase price.

    The sale comes as one of the largest deals to demonstrate the impact of the 2019 rent laws on rent-regulated apartment buildings. The law limited rent increases on regulated apartments, severely impacting building values. A&E purchased the complex from Stonehenge Partners just over a year before the law was passed.

    The Holland complex is currently 94% leased, with nearly 60% of its units (243) being rent-stabilized and having preferential rents averaging 93% below legal rents. This represents $3.3 million in potential upside for a new owner. The property's lender is also willing to consider financing for a sale.

    A&E has faced financial difficulties, including facing foreclosure on a 3,500-unit portfolio across several boroughs. However, the company claims to be working with lenders to resolve the issue within 45 days.