Gaia Grabs Luxury Multi-Housing Property in Manhattan
- Feb 09, 2015
Gaia Real Estate Investments, L.L.C. and the Acro Group have acquired The Montrose, a 97-unit, luxury, boutique multi-housing building in the Murray Hill neighborhood of Manhattan for $75 million from UBS Realty Investors.
HFF marketed the property on behalf of the seller and arranged acquisition financing for the buyer.
“The appeal was a combination of two things; it’s a relatively new building and its size was just what we were looking for, at almost 100 units,” Danny Fishman, Gaia Real Estate’s managing partner, told Commercial Property Executive. “We are looking for more added-value opportunities and always looking for a lot of upgrade potential and this building offered exactly that.”
The 22-story building was 100 percent leased at the time of the sale. It features a 24-hour attendant, lobby with slate floors and an indoor waterfall, rooftop sundeck with views of the Manhattan skyline and East River, a modern fitness center and fully-equipped tenant lounge with billiards and flat screen TV.
According to Fishman, the building has a lot of potential due to the large size of its lobby, more than 3,000-square-feet of room on the lower floor and an attractive rooftop with open views.
“We’re going to put a lot of money in and upgrade the amenities and the layouts of the units inside, with the look and feel of finishes,” he added. “We’ve already started talking with architects about the amenities and the units will be the second phase.”
Located at 308 E. 38th St., between 1st and 2nd avenues, the building sits just six blocks from Grand Central Terminal and is within walking distance to some of Manhattan’s finest restaurants.
“There are a lot of things going on in the neighborhood, including a lot of upcoming new rentals and condo buildings, and a new park,” Fishman concluded. “The Second Ave. subway line will hopefully start at the end of the year and in a few years, it will come down here, which will change the area dramatically.”
Gaia Real Estate’s portfolio consists of $1.7 billion in real estate assets, including 15,181 residential apartments and 600,000 square feet of office space located throughout the United States. This is the second property it has acquired in the Murray Hill neighborhood, following the acquisitions of the Corinthian for $147 million last September.