GAIA Real Estate Acquires Lower East Side Multifamily Portfolio For $34.75M From Seller SMA Equities

The Lower East Side Portfolio, consisting of three multifamily buildings located at 102 Norfolk Street, 177 Ludlow Street, and 99 Allen Street, has been sold for a total of $34,750,000. The properties are situated in one of Manhattan's rapidly growing rental markets and have undergone meticulous renovations. Each building offers efficient apartment layouts, strong retail components, and upgraded utilities. The portfolio presents an opportunity to acquire a cash-flowing collection of properties with potential upside from increasing the currently discounted rents due to COVID. With attractive in-place revenue and minimal capital expenditure requirements, the Lower East Side Portfolio is an appealing investment for buyers.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $34,750,000
• Units: 61
• Price per Unit: $569,672
• Square Footage: 34,640
• Price per Square Foot: $1,003
• Market: Lower East Side

The deal was facilitated by GAIA Real Estate as the buyer and SMA Equities as the seller. The sales transaction was brokered by a team from JLL, including Bob Knakal, Guthrie Garvin, Jonathan Hageman, Jack Norton, and Jacob Russell. JLL's Investment Sales team is actively involved in the market with numerous multifamily deals, similar to the Lower East Side Portfolio. Buyers interested in this particular deal or other properties being marketed for sale by JLL are encouraged to reach out to their exclusive agents for more information.

It is worth noting that the Lower East Side Portfolio offers not only attractive current revenue but also the potential for future growth. The properties have already undergone renovations and possess strong retail components, contributing to their appeal in the market. With minimal capital expenditure required, buyers have an opportunity to acquire a desirable portfolio in a thriving rental market.