A&E Real Estate has completed its acquisition of 400 East 57th Street, a 19-story multi-family building in the Sutton Place neighborhood.
400 East 57th Street contains 263 rent-stabilized, market-priced apartments. The sale price was $ 133.5 million, according to SL Green.
This is A&E’s second recent deal with SL Green in the neighborhood. In April of this year, she bought 400 East 58th Street, also from SL Green.
The acquisition of 400 East 57th Street is the first investment A&E has undertaken through its most recent real estate fund, AEREP III, which launched in April. A&E is currently accepting additional capital commitments for the fund, which is its third and largest fund to date.
“The investments we are making throughout New York City demonstrate our faith in the future of the city,” said James Patchett, CEO of A&E Real Estate. “Our residents are the backbone of this city, and it is our mission to provide them with quality housing and suitable construction services. Our entire team looks forward to meeting the needs of our residents at 400 East 57. ”
A&E Real Estate President Maggie McCormick added, “This transaction is a testament to A&E’s unique ability to seek out and take advantage of promising investment opportunities. Equally important, we have built a group of construction, operations and leasing professionals who ensure that every building we acquire receives the best service in its class.
Founded in 2011 by Douglas Eisenberg, John Arrillaga, Jr. and Wendy Eisenberg, A&E has grown from a single 49-unit building in Fort Greene to more than 15,000 apartments in the Bronx, Manhattan, Brooklyn and Queens currently under management. A&E has expanded its portfolio largely through acquisitions of apartment buildings and legacy owner portfolios.
The company owns and operates rent-stabilized and market-priced apartments, with a particular focus on quality workforce housing for teachers, first responders and other essential workers. Its extensive multi-family portfolio ranges from 10-unit rentals in Brooklyn to 1,200 apartment communities in Kew Gardens Hills and Harlem’s Riverton Square.
A&E also recently started a new in-house leasing company, dubbed 1898. Named for the year the five boroughs officially came together to create what is now New York City.
400 East 57th Street is 70% occupied and includes 10,000 s / f of retail space leased to essential service providers.
SL Green announced in April that the sale was part of its ongoing strategy to divest non-core assets to reinvest capital in its share buyback program and development projects.
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