GAIA Acquires 90 Condo Units in Manhattan

The firm paid $53 million for the apartments located within Bridge Tower Place, a luxury building on the Upper East Side.
Bridge Tower Place

GAIA Real Estate has acquired 90 condominium units in Bridge Tower Place, a luxury building in Manhattan, for $52.5 million. CBRE brokered the sale on behalf of the original sponsor at the property, an affiliate of The Brodsky Org., who was listed as one of the top 10 Manhattan apartment owners in 2017. 

Located at 401 E. 60th St., the pet friendly property is a 38-story full-service condominium building offering 218 apartments overlooking the East River. Interior features include open floor plans of studio, one-, two- and three-bedrooms, maple hardwood floors, large windows, gourmet kitchens, branded appliances, terraces and high-end finishes and fixtures in the bathrooms. Residents have access to amenities including a 24-hour attended lobby and concierge service, underground garage access, a fitness center, a rooftop deck and a children’s playroom. 

“Part of our strategy is to invest in the long-term in Manhattan under-priced neighborhoods,” Danny Fishman, managing partner at GAIA Real Estate, told Multi-Housing News. “This was a good investment because it had a bases of $849 per foot and that is around 35 percent below competition and replacement cost. The units are also efficient and the area is close to subways and all Manhattan amenities, so it is also a great short- and long-term play.” 

The company plans to implement its technology app, Finch Living, into the units. The app is a combination of a digital platform and on-site community building that offers residents ways to meet with neighbors, organize events, offer skills and services or receive perks from local businesses. 

Image courtesy of GAIA Real Estate