GAIA Closes on Lower East Side Multifamily Portfolio
GAIA Real Estate closed on the Lower East Side Portfolio, a collection of three mixed-use, walk-up buildings in Manhattan. The portfolio includes 56 residential units and five retail suites. GAIA acquired the portfolio for $34.75 million.
This is the second acquisition for GAIA’s New York Metro Recovery strategy as the firm looks to redeploy capital from its recent successful exits in the Sunbelt. GAIA anticipates strong performance as Manhattan’s downtown rental market continues to strengthen.
“We viewed this as the right price for a group of assets that fit within our New York Metro Recovery thesis and with such a compelling performance trajectory,” said GAIA partner David Kusy. “This will be a great addition to our growing portfolio in NYC.”
All three buildings are located within a three-block radius of the northern corridor of the Lower East Side, a short walking distance from GAIA’s other properties in the area.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).