A&E Real Estate Picks Up Another Manhattan Apartment
The company has made a handful of transactions in recent weeks.
A&E Real Estate has acquired the leasehold interest in 1080 Amsterdam Ave., a 20-story Manhattan apartment building for $42.5 million, or or $443,000 per unit.
Located in the Morningside Heights neighborhood, the 96-unit, mixed-use building traded in an off-market transaction with SL Green. It also features a street-level retail storefront and a professional unit.
This marks A&E’s third acquisition of an SL Green residential property in the past year, having purchased 400 East 57th Street in October 2021 and 400 East 58th Street in April 2021, from the REIT.
“We have assembled a diverse multifamily portfolio—from workforce housing acquired from legacy owners in the boroughs to prestigious core Manhattan residences acquired from major institutional investors,” Douglas Eisenberg, Executive Chairman of A&E Real Estate, said in prepared remarks.
Built in 1931, 1080 Amsterdam Ave. at one time provided staff housing for St. Luke’s-Roosevelt Hospital. In 2014, it was converted by Stonehenge and SL Green into the current 90,000-square foot building.
1080 Amsterdam is A&E’s fourth major multifamily acquisition in 2022, and its seventh since late 2021. Last week, A&E closed on 140 Riverside Blvd., a 354-unit apartment building formerly owned by Equity Residential.
In addition, a source has told GlobeSt.com that A&E Real Estate is acquiring a 14-building multifamily portfolio in Brooklyn’s Gravesend and Sheepshead Bay neighborhoods. The 1,217-unit portfolio is trading for $250 million, purchased from LeFrak.