Manhattan Community Trades for $117M

A 22-story luxury community in the Yorkville neighborhood of Manhattan’s Upper East Side has been sold to A&E Real Estate for $116.5 million. Soloviev Group sold the property, Rivers Bend. A&E paid approximately $547,000 per unit for the 179-unit building.

Located at 501 East 87th St., Rivers Bend was built in 1963. The post-war building at the northeast corner of York Avenue and 87th Street features extra-large apartment homes and wood-burning fireplaces.

Rivers Bend amenities include a 24-hour attended lobby, a parking garage, a rooftop terrace with a glass-enclosed swimming pool, central air conditioning, an updated elevator system and a fitness center. Select homes in the 202,000-square-foot community have balconies and large private terraces.

Residents are nearby the Carl Schurz Park, Gracie Mansion, the East River Esplanade and Asphalt Green. The 90th Street NYC Ferry terminal and Second Avenue subway are also close by. The neighborhood features some of Manhattan’s leading private and public schools as well as an array of dining, retail and entertainment options.

A&E has been growing its multifamily portfolio. In the last few years, the company has added 140 and 160 Riverside Blvd., which it purchased from Equity Residential; 1080 Amsterdam and 400 East 57th St. from SL Green; a portfolio of 14 multifamily buildings in Brooklyn’s Gravesend and Sheepshead Bay neighborhoods from The LeFrak Organization; and Cunningham Heights, a 22-building community portfolio in Queens Village.

Soleviev Group was represented by S. Charatan Realty founder and president Jack Bick in the Upper East Side transaction.

Manhattan market metrics

The Manhattan multifamily market was on an upward trend at the close of 2024, despite seasonal hurdles. Average advertised asking rents increased by 0.2 percent on a trailing three-month basis through November, to $5,023. This was largely due to the working-class Renter-by-Necessity segment, the report indicated.

“Existing apartment buildings are the hottest real estate investment product in the country and have been for many years, versus some asset types that are seen as riskier and more vulnerable to changing market conditions,” Alan Hammer at Brach Eichler told Multi-Housing News. “Recent memory of low interest rates, which allowed sellers to achieve record-high asking prices, has slowed this continuous flurry of activity. However, there is capital ready to invest. In New York City, from a consumer perspective, pre-war buildings have a specific charm and character that are lacking in new-builds and often offer larger layouts.”