A&E Real Estate has acquired Rivers Bend, a 22-story luxury rental apartment building in the Yorkville neighborhood of Manhattan’s Upper East Side. The company acquired a 100% stake in the 179-unit building, located at 501 East 87th St., from Soloviev Group for $116.5 million, or approximately $547,000 per unit.
Built in 1963, Rivers Bend features a 24-hour attended lobby and parking garage, a rooftop terrace with a glass-enclosed swimming pool, central air conditioning, an updated elevator system and fitness center. The 202,000-square-foot postwar building also boasts extra-large apartment layouts and wood burning fireplaces, as well as balconies and large private terraces in select apartments.
“We are pleased to complete this complex transaction, which required a collaborative approach by both parties over the past year,” said A&E Real Estate Co-founder and CEO Douglas Eisenberg. “A&E’s acquisition of Rivers Bend reflects our unwavering commitment to New York City and our faith in the enduring strength of Manhattan’s market-rate residential sector.”
Located on the northeast corner of York Avenue and 87th Street, Rivers Bend is situated within short walking distance of Carl Schurz Park, Gracie Mansion, the East River Esplanade and Asphalt Green. The building is also in close proximity to the 90th Street NYC Ferry terminal and the Second Avenue subway, a host of renowned restaurants and shops and private and public schools.
S Charatan Realty Founder and President Jack Bick represented Soleviev Group in the transaction.
