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A&E Acquires Second Sutton Place Apartment Tower
A&E Real Estate has acquired 400 E. 57th St., a 19-story, 263-unit multifamily building in Manhattan’s Sutton Place neighborhood, for an undisclosed sum.
This is A&E’s second recent deal in the neighborhood. In April of this year, it purchased 400 E. 58th St. Both buildings were acquired from SL Green.
The 400 E. 57th acquisition is the first investment A&E has undertaken through its most recent real estate fund, AEREP III, launched in April. A&E is currently accepting additional capital commitments for the fund.
“The investments we are making throughout New York City demonstrate our faith in the city’s future,” said A&E CEO James Patchett. “Our residents represent the backbone of this city, and it’s our mission to provide them with quality housing and responsive building services. Our entire team looks forward to serving the needs of our residents at 400 E. 57th.”
- ◦Sale/Acquisition
