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New York & Tri-State  + Downtown New York  + Apartments  | 
50-58 E. 3rd St. apartments front East Village Manhattan

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.  

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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