A&E Real Estate has acquired 400 East 57th Street, a 19-story multifamily building located in Manhattan’s Sutton Place neighborhood for an undisclosed sum. The building contains 263 rent-stabilized and market-rate apartments.
This is A&E’s second recent deal in the neighborhood. In April of this year, it purchased 400 East 58th Street. A&E acquired both buildings from SL Green.
The 400 East 57th Street acquisition is the first investment A&E has undertaken through its most recent real estate fund, AEREP III, launched in April. A&E is currently accepting additional capital commitments for the fund, which is its third and largest fund to date.
“The investments we are making throughout New York City demonstrate our faith in the city’s future,” said A&E Real Estate CEO James Patchett. “Our residents represent the backbone of this city, and it’s our mission to provide them with quality housing and responsive building services. Our entire team looks forward to serving the needs of our residents at 400 East 57.”
Founded in 2011 by Douglas Eisenberg, John Arrillaga, Jr., and Wendy Eisenberg, A&E has grown from a single 49-unit building in Fort Greene to more than 15,000 Bronx, Manhattan, Brooklyn and Queens apartments currently under management.
