A&E Real Estate announced it has acquired Rivers Bend, a 22-story luxury rental apartment building in the Yorkville neighborhood of Manhattan’s Upper East Side.
Built in 1963, Rivers Bend features a 24-hour attended lobby and parking garage, a rooftop terrace with a glass-enclosed swimming pool, central air conditioning, an updated elevator system and state-of-the-art fitness center. The 202,000-square-foot postwar building also boasts extra-large apartment layouts and wood burning fireplaces, as well as balconies and large private terraces in select apartments.
“We are pleased to complete this complex transaction, which required a collaborative approach by both parties over the past year,” said A&E Real Estate co-founder and CEO Douglas Eisenberg. “A&E’s acquisition of Rivers Bend reflects our unwavering commitment to New York City and our faith in the enduring strength of Manhattan’s market-rate residential sector.”
Located on the northeast corner of York Avenue and 87th Street, Rivers Bend is situated within short walking distance of Carl Schurz Park, Gracie Mansion, the East River Esplanade and Asphalt Green. The building is also in close proximity to the 90th Street NYC Ferry terminal and the Second Avenue subway, a host of renowned restaurants and shops, as well as Manhattan’s leading private and public schools.
S. Charatan Realty Founder and President Jack Bick represented Soleviev Group in the transaction.
501 East 87th Street adds to A&E’s growing multifamily portfolio. Recent multifamily acquisitions include 140 and 160 Riverside Boulevard, which it purchased from Equity Residential; 1080 Amsterdam and 400 East 57th Street from SL Green; a portfolio of 14 multifamily buildings in Brooklyn’s Gravesend and Sheepshead Bay neighborhoods from The LeFrak Organization; and Cunningham Heights, a 22-building community portfolio in Queens Village.
Founded in 2011, A&E Real Estate has grown from a single 49-unit building in Fort Greene to more than 20,000 Bronx, Manhattan, Brooklyn and Queens apartments currently under management. 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. A fully vertically integrated company, A&E performs direct asset management, property management, construction management and leasing throughout its entire portfolio.
