GAIA Real Estate pays $49.5M to Anbau for three rentals in East Village, last sold for $58M

GAIA Real Estate through the entity 50-58 East Third Street Owner LLC paid $49.5 million to Anbau Enterprises through the entity 50-58 East Third Fee LLC for 24-unit rental (C1) at 50 East 3rd Street in East Village, Manhattan, 24-unit rental (D1) at 54 East 3rd Street in East Village, Manhattan, and 24-unit rental (C1) at 58 East 3rd Street in East Village, Manhattan.
The deal closed on August 26, 2021 and was recorded on September 2, 2021.
The three properties have 46,968 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $1,053 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for Anbau Enterprises was Steven Gorey. The signatory for GAIA Real Estate was David Kusy.

Steven Gorey is chief financial officer with Anbau. David Kusy is with GAIA.  Anbau bought the buildings in 2016 for $58 million. The new sale price represents a 15% reduction in price.

The former owners according to the Department of Housing Preservation and Development included Steve Gorey, head officer and Sheldon Holder, site manager. The business entities were New York City Management and 50-58 East Third Fee Llc.

Within a 400-foot radius of 50 East 3rd Street, PincusCo identified nine commercial real estate items of interests occurred over the past 24 months.
Of those nine items, one was in new building development. It was a new building permit application filed on August 24, 2020 for a 100,708-square-foot R-2 building with 87 residential units at 42 Second Avenue.
Of those nine items, three were for major renovation including a certificate of occupancy change. They were two permit applications with a total initial cost of $1.5 million and one permit with a total initial cost of $364,000. The most recent of these three items was the filing on May 18, 2021 for a 10,853-square-foot RES building with eight residential units at 45 Second Avenue.
Of those nine items, two were sales above $5 million totaling $54.5 million. The most recent of the two was Gemini Rosemont which bought the 41,236-square-foot, one-unit industrial (W3) on 38 2nd Avenue for $14.5 million from La Salle Academy on July 16, 2020.
Of those nine items, three were loans above $5 million totaling $59.3 million. The most recent of the three was Shalam Management which borrowed $5.4 million from Spencer Savings Bank secured by the 5,772-square-foot, four-unit mixed-use building (S3) on 54 2nd Avenue on June 8, 2021.

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