SL Green sells a multi-family building in Manhattan

1080 Amsterdam. Image courtesy of A&E Real Estate

In an off-market transaction, A&E Real Estate acquired the leasehold interest at 1080 Amsterdam Ave. near SL Green for $42.5 million. This is A&E’s third acquisition of an SL Green property in the past year. The 20-story, 96-unit elevator building is centrally located in the Morningside Heights neighborhood of Manhattan, NY

The purchase price represented approximately $443,000 per unit. The property was 96.9% occupied at the time of the transaction.

In addition to the rental apartments, the 90,000 square foot building includes a commercial storefront on the ground floor as well as a professional unit. Built in 1931, 1080 Amsterdam Ave. formerly served as staff quarters at St. Luke’s-Roosevelt Hospital. He was converted by Stonehenge and SL Green eight years ago.

Ideal location

Apartment features and finishes include hardwood floors, sunken living rooms, stainless steel appliances, window air conditioning, and views of the Hudson River. A 24-hour lobby is part of the common facilities at 1080 Amsterdam Ave.

The 2,000 square foot storefront is located along Amsterdam Avenue. The newly renovated residential entrance is tucked away in a discreet location at 113and Street.

The Morningside Heights neighborhood of Manhattan is located between the Upper West Side and Harlem. The location of 1080 Amsterdam Ave. is steps from Columbia University, St. John the Divine and Morningside Park.

Barnard College and Manhattan School of Music are an eight- and 12-minute walk away, respectively. Three public transit or metro stations are within a six-minute walk. LaGuardia International Airport is 16 minutes away by car. In addition to Morningside Park, area parks and recreational attractions include Dana Discovery Center, Riverside Park and Marcus Garvey Park, all within 2 miles. Last month, A&E Real Estate acquired Cunningham Heights in Queens.

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