A&E Closes $43M Acquisition of SL Green’s 1080 Amsterdam
By Mark Hallum April 14, 2022 5:40 pm
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A&E Real Estate closed on a deal Thursday to acquire 1080 Amsterdam Avenue, a 20-story elevator apartment building in Morningside Heights from SL Green Realty Corp.
The $42.5 million, or $443,000 per unit, sale has been in the works since December 2021 and part of the SL Green (SLG)’s long-term plans to consolidate its hefty portfolio toward prime, core assets. SL Green stands to make about $15 million in profit from the 1080 Amsterdam transaction.
But what isn’t a core asset for the seller, is a treasure to A&E.
“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,” Douglas Eisenberg, executive chairman of A&E, said in a statement. “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.”
The 19,000-square-foot building comprises 96 apartments, two commercial units and recently underwent major renovations, according to SL Green.
This is the third sale between SL Green and A&E in the last year. The others were A&E Real Estate’s purchase of 400 East 57th Street for $133.5 million in October 2021 and 400 East 58th Street for $62 million in April 2021.
The recent deal comes on the heels of A&E picking up the Upper West Side apartment tower at 140 Riverside Boulevard for $266 million from Sam Zell’s Equity Residential last week and it was in contract to buy a South Brooklyn multifamily portfolio from LeFrak for roughly $250 million on Tuesday.
Marc Sznajderman, Andrew Sasson, Chad Sinsheimer and Justin Bomba from Ackman-Ziff were named as advisers to SL Green in December 2021 while A&E did not use outside brokers.
SL Green did not immediately respond to a request for comment on the closing of the sale.
Mark Hallum can be reached at mhallum@commercialobserver.com.
