In an off-market transaction, A&E Real Estate has acquired the leasehold interest in 1080 Amsterdam Ave. from SL Green for $42.5 million. It is A&E’s third acquisition of an SL Green property in the past year. The 20-story, 96-unit elevator building is located in the center of the Morningside Heights neighborhood of Manhattan, N.Y.
The purchase price represented approximately $443,000 per unit. The property was 96.9 percent occupied at the time of the transaction.
In addition to the rental apartments, the 90,000-square-foot building features a street-level retail storefront as well as a professional unit. Constructed in 1931, 1080 Amsterdam Ave. formerly served as staff housing for St. Luke’s-Roosevelt Hospital. It was converted by Stonehenge and SL Green eight years ago.
Features and finishes of apartments include hardwood floors, sunken living rooms, stainless steel appliances, window air conditioning and Hudson River views. A 24-hour attended lobby is among the common-area amenities of 1080 Amsterdam Ave.
The 2,000-square-foot retail storefront is located along Amsterdam Avenue. The residential entrance, which has recently been renovated, is tucked away in a discreet location on 113th Street.
The Morningside Heights neighborhood of Manhattan is located between the Upper West Side and Harlem. The location of 1080 Amsterdam Ave. is steps from Columbia University, St. John the Divine and Morningside Park.
Barnard College and Manhattan School of Music are respectively eight- and 12-minute walks away. Three transit or subway stations are within a six-minute walk. LaGuardia International Airport is a 16-minute drive. In addition to Morningside Park, parks and recreation attractions in the area include Dana Discovery Center, Riverside Park and Marcus Garvey Park, all situated less than 2 miles away. Last month, A&E Real Estate acquired Cunningham Heights in Queens.