A&E Real Estate announced today that it has acquired 1080 Amsterdam Avenue, a 20-story apartment building located in the heart of Manhattan’s Morningside Heights neighborhood.
A&E has acquired the rental stake in 1080 Amsterdam, which consists of 96 rental apartments, a street-level retail frontage and a professional unit, from SL Green for $42.5 million, or $443,000 per unit.
The off-market deal is A&E’s third acquisition of SL Green residential property in the past year. A&E also purchased 400 East 57y Street in October 2021 and 400 East 58y Street in April 2021, both from SL Green.
“We have assembled a diversified multi-family portfolio — from workforce housing acquired from old neighborhood landlords to prestigious Manhattan primary residences sourced from large institutional investors,” said Douglas Eisenberg, CEO of A&E Real Estate. “Even as others publicly despaired about the future of New York City, we continued to quietly implement our core beliefs, locking up high-quality real estate at attractive prices across the city.”
1080 Amsterdam Avenue was built in 1931 and formerly served as staff accommodation for St. Luke’s-Roosevelt before being converted in 2014 by Stonehenge and S.L. Green. The 90,000-square-foot building, which boasts stunning views of the Hudson River, is located at a 113 . cornery Amsterdam Avenue and Boulevard – Steps from Columbia University, St. John’s Devine and Morningside Park.
Resident amenities include a state-of-the-art fitness center, residents lounge, bike storage facility, 24-hour lobby, high-speed elevators, and ongoing complimentary programs. The retail storefront is located along Amsterdam Boulevard, while the recently renovated residential entrance is located at 113y St.
1080 Amsterdam is A&E’s fourth major multi-family acquisition in 2022, and seventh since late 2021. Last week, A&E closed at 140 Riverside Boulevard, a 354-unit apartment building formerly owned by Equity Residential. In February, A&E acquired Cunningham Heights, a community portfolio of 22 buildings in Queens Village, which it followed a month after buying 92-40 Queens Boulevard in Rego Park. Last fall, the company also closed the Georgian Hall and Ravenna Court buildings in Jackson Heights.
Founded in 2011 by Douglas Eisenberg, John Arilaja, Jr., and Wendy Eisenberg, A&E has grown from a single 49-unit building in Fort Greene to more than 15,000 apartments in the Bronx, Manhattan, Brooklyn, and Queens currently under management. A&E has built a fully integrated real estate platform with asset management, in-house property, leasing and construction capabilities. Its comprehensive multi-family portfolio ranges from 10 rental units in Brooklyn to 1,200 residential communities in Kew Gardens Hills and Harlem Riverton Square.
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