US real estate

GAIA Real Estate Expands Midtown Manhattan Portfolio with Acquisition of Norfolk Street

GAIA Real Estate announced the closure of 106 Norfolk Street, a ground floor retail apartment building on Manhattan’s Lower East Side. The building consists of 28 residential units and 2 commercial suites.

The acquisition of 106 Norfolk follows GAIA’s recent purchase of 3 other assets on the Lower East Side and is within walking distance of most of GAIA’s downtown portfolio.

“This is an additional building for our growing New York portfolio and fits with our strategy of investing in properties in strong areas of the city that attract young professionals,” said Danny Fishman, CEO of GAIA. “The property will also help us grow our New York retail portfolio in an area where retail is booming due to changing work-from-home dynamics.”

106 Norfolk offers an excellent location, accessible by 3 subway stations and 6 subway lines and within walking distance of SoHo, TriBeCa and East Village. Essex Crossing, a transformational mixed-use development with 350,000 square feet of office space, 300,000 square feet of retail space, 100,000 square feet of green space and over 1,000 residential units, is one block away. 106 Norfolk has been well maintained and renovated over the past decade. Building layouts are efficient while offering a variety of units; two thirds of the units are 1 bedroom units and the rest are 2 bedroom units. Majority of units are free market.

“We continue to believe in the post-COVID resurgence of Midtown Manhattan and its appeal as a live/work/play center for tenants and consumers alike,” added David Kusy, Partner at GAIA. “Furthermore, this asset complements our existing portfolio as we continue to execute our recovery strategy in New York.”

The commercial component of the building fits naturally into the dynamic and thriving neighborhood of the Lower East Side. Retail tenants include Nurse Bettie’s, a favorite among bargoers, and La Contenta, a famous Mexican restaurant.

Attorney Moty Ben Yona of Gambrell & Russell LLP represented GAIA in this transaction.

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