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GAIA Makes First NYC Acquisition Since Onset of Pandemic
GAIA Real Estate has closed the $49.5-million acquisition of the East Village Portfolio, consisting of 71 apartment units across three contiguous residential buildings at 50-58 E. 3rd St.
This is GAIA’s first acquisition as part of its New York Metro recovery strategy. GAIA sourced this opportunity, representing its first New York City acquisition since the pandemic began, off-market.
“On behalf of our investors, we cannot wait to execute on our business plan,” said Danny Fishman, GAIA’s CEO and co-founder. “In the coming years, we believe that buying NYC multifamily assets in prime neighborhoods at higher cap rates than many secondary US markets will yield strong returns.”
GAIA’s NY Metro Fund aims to invest in opportunistic residential products within the tri-state area. “The East Village Portfolio is indicative of the type of assets that will be acquired by the fund,” said Fishman.
- ◦Sale/Acquisition

