A&E Real Estate launches new in-house apartment leasing company, 1898

New York City real estate management and investment company A&E Real Estate said it has launched a new in-house apartment leasing company.

A&E said the new company will be called 1898, named after the year the five boroughs of New York were consolidated.

A&E said it will list and lease all of its available apartments through 1898, which includes apartments in Manhattan, Brooklyn, Queens and the Bronx.

“Nobody knows the neighborhoods we operate in better than we do, and launching our own leasing operation will give us even better market intelligence, while providing better services in a more cost-efficient way. It’s a win-win-win,” said James Patchett, CEO of A&E, in a statement.

Patchett was named CEO of A&E in April. He formerly was the president and CEO of the New York City Economic Development Corp. In April, the New York Business Journal reported A&E is looking to raise $1 billion, and use the money to buy apartment buildings.

A&E said it manages more than 15,000 Bronx, Manhattan, Brooklyn and Queens apartments.