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Deals & Dealmakers

A&E Real Estate Completes Acquisition of 1080 Amsterdam Avenue in Morningside Heights from SL Green

A&E Real Estate today announced it has acquired 1080 Amsterdam Avenue, a 20-story elevator apartment building located in the heart of the Morningside Heights neighborhood in Manhattan.  

A&E acquired the leasehold interest in 1080 Amsterdam, which consists of 96 rental apartments, a street-level retail storefront and a professional unit, from SL Green for $42.5 million, or $443,000 per unit.

The off-market transaction is A&E’s third acquisition of an SL Green residential property in the past year.  A&E also purchased 400 East 57th Street in October 2021 and 400 East 58th Street in April 2021, both from SL Green.

“We have assembled a diverse multifamily portfolio – from workforce housing acquired from legacy owners in the boroughs to prestigious core Manhattan residences acquired from major institutional investors,” said Douglas Eisenberg, Executive Chairman of A&E Real Estate. “Even as others were openly despairing about New York City’s future, we continued to quietly execute on our core convictions, locking up high-quality properties at attractive pricing across the city.”

Built in 1931, 1080 Amsterdam Avenue formerly served as staff housing for St. Luke’s-Roosevelt Hospital before being converted in 2014 by Stonehenge and SL Green. The 90,000-square foot building, which boasts stunning views of the Hudson River, is located on the corner of 113th Street and Amsterdam Avenue – steps from Columbia University, St. John the Divine and Morningside Park. 

Resident amenities include a modern fitness center, resident lounge and bike storage facility, a 24-hour attended lobby, high speed elevators and ongoing, complimentary programming.  The retail storefront is located along Amsterdam Avenue, while the recently renovated residential entrance is discretely located on 113th Street.

1080 Amsterdam is A&E’s fourth major multifamily acquisition in 2022, and its seventh since late 2021.  Last week, A&E closed on 140 Riverside Boulevard, a 354-unit apartment building formerly owned by Equity Residential.  In February, A&E acquired Cunningham Heights, a 22-building community portfolio in Queens Village, which followed a month after the purchase of 92-40 Queens Boulevard in Rego Park.  Last fall, the firm also closed on Georgian Hall and Ravenna Court in Jackson Heights.

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. A&E has built a fully integrated real estate platform with in-house asset and property management, leasing and construction capabilities. Its extensive multifamily portfolio ranges from 10-unit rentals in Brooklyn to 1,200-apartment communities in Kew Gardens Hills and Harlem’s Riverton Square.

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