A&E has completed the acquisition of 400 E. 57th St., a 263-unit apartment building in Manhattan’s Sutton Place neighborhood. The seller was SL Green.
The transaction marks A&E’s second deal in the neighborhood—earlier this year in April, the company purchased the adjacent 16-story asset at 400 E. 58th St., also sold by SL Green.
The 19-story property encompasses rent-stabilized and market-rate apartments. The unit mix comprises studios and one- to four-bedroom floorplans averaging between 450 and 1,400 square feet, according to Yardi Matrix data. Completed in 1931, the building features amenities such as controlled access, a community room, laundry facilities, as well as 10,000 square feet of retail space, the same data provider shows.
A&E closed the deal through AEREP III, its third and most recent real estate fund, launched in April. The acquisition represents the first investment undertaken through this fund. A&E is currently accepting additional capital commitments for AEREP III, which is its largest fund to date.
According to a recent Yardi Matrix multifamily report, Manhattan’s fundamentals are improving at a steady clip as people make their way back to urban cores. And although the borough is on the right track, economic recovery in New York City is expected to be lengthier compared to the U.S., with employment anticipated to exceed pre-COVID-19 levels only in 2024, according to a New York City Independent Budget Office forecast.