NEW YORK CITY-Gaia Real Estate Investment and Harel Insurance Investments & Financial Services have announced the sale of Gaia by the Park, a six-story rental apartment building at 5 West 91stSt. on the Upper West Side for $27.5 million. The buyer was, Rich International, a Fort Lee, N.J.-based family with real estate holdings in New York and New Jersey. The brokers on the sale, representing both sides, were Amit Doshi, executive director, Glenn Raff, managing directorand David Bess, directorof Besen & Associates. The property was built in 1973 and has 48,972 square feet.
According to the Real Deal, Midtown-based investment firm Gaia and Harel, the third largest insurance firm in Israel, purchased the 48-unit property from developer Larry Gluck in 2010 for $16.75 million. The companies bought the building as part of a partnership to buy distressed real estate in the New York City market.
“We are pleased to continue to identify unique value-added opportunities and deliver outsized returns to our investors,” says Gaia managing partner and co-founder Danny Fishman.
“As part of Harel's real estate investment strategy, we are continuously evaluating acquisition opportunities as well as the timely disposition of assets,” adds Gadi Ben Haim, head of real estate investments at Harel. “This property was purchased during the recession when we recognized the opportunity of low prices combined with the lack of financial resources available at the time. The asset and its performance were improved over a short period, which enabled us to sell at a great profit.”
The building, between Central Park West and Columbus Avenue, is 95% occupied, according to the Real Deal. Although most of the units are rent-stabilized, Gaia turned a few of them over to free market. “We upgraded a few of the amenities and renovated a few of the units,” notes Fishman. “It was a good time to sell.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
