
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.
- ◦Sale/Acquisition