GAIA acquires East Village portfolio for $ 49 million

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Anbau Enterprises cut her hair in three East Village apartment buildings she bought for $ 58 million in 2016.

GAIA Real Estate has just announced its acquisition of 50-58 East 3rd Street from a development firm for $ 49.5 million.

Known as the East Village Portfolio or EV3, this package includes three adjoining residential buildings with 71 units. Consisting mainly of two and three-bedroom apartments starting at $ 4,500, they also have two four-bedroom apartments, four five-bedroom apartments and one six-bedroom apartments. Amenities include three communal roof terraces and backyards.

When Anbau acquired the portfolio, rents for a quarter of the apartments were stabilized. According to GAIA, 80 percent of the units are currently on the free market.

BRANDON POLAKOFF

Avison Young’s Brandon Polakoff brokered the sale on behalf of GAIA, making his first acquisition as part of his strategy to rebuild the New York Underground.

GAIA’s NY Metro Fund is dedicated to investing in lucrative residential projects in the New York City suburbs.

DANNY FISHMAN

Danny Fishman, CEO and Co-Founder of GAIA, commented, “We are thrilled to complete our first acquisition in New York since the pandemic. On behalf of our investors, we cannot wait for the completion of our business plan.

“Over the coming years, we believe that buying New York City apartment buildings in upmarket neighborhoods with higher capitalization rates than many US secondary markets will generate significant returns. There are risks, of course, as the New York market recovers, but we believe investing is a long game. And, as we’ve seen over and over again, in the long run, you shouldn’t bet against New York. ”

Fishman said the East Village portfolio indicates the type of assets the fund will acquire.

The apartments have been renovated with internal renovation.

Anbau Enterprises is a spouse development company known for building luxury residential properties. It was founded in 1998 by Stephen Glascock and Barbara van Beuren. Purchase of EV3, the total cost of which is 52,500 sq. M / F, was the first purchase of a profit-generating company.

Van Beuren said The real deal at the time the company moved into income-generating assets, it had to “augment our growing condominium business by investing in New York City markets that have long-term growth potential.”

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