GAIA Closes on East Village Portfolio
The closing of the three contiguous buildings represents GAIA’s first acquisition as part of its New York Metro recovery strategy.
NEW YORK CITY—GAIA Real Estate recently revealed the closing of the East Village Portfolio, which consists of three contiguous residential buildings, 71 units located in Manhattan’s East Village.
According to a prepared release, this is GAIA’s first acquisition as part of its New York Metro recovery strategy. GAIA sourced this opportunity off-market and leveraged its reputation as a strong and credible buyer to facilitate an expedited close.
“We are excited to have closed on our first acquisition in NYC since the pandemic. On behalf of our investors, we cannot wait to execute on our business plan,” stated Danny Fishman, CEO and Co-Founder, in a prepared statement.
Fishman added that “In the coming years, we believe that buying NYC multifamily assets in prime neighborhoods at higher cap rates than many secondary US markets will yield strong returns. There are risks, of course, as the NYC market rebounds but we believe that investing is a long game. And as we’ve seen time and time again, one should not bet against NYC in the long-run.”
GAIA’s NY Metro Fund aims to invest in opportunistic residential products within the NY Metro area. The firm will utilize its long-standing relationships to source opportunities where GAIA can leverage its operational expertise to add value to the Fund’s assets.
“The East Village Portfolio is indicative of the type of assets that will be acquired by the Fund,” added Fishman. “This portfolio received tremendous interest from committed fund investors and was generously oversubscribed.”