A&E Real Estate has acquired a 19-story multifamily building in Manhattan’s Sutton Place neighborhood, marking the firm’s second recent deal in the neighborhood. The asset contains 263 rent-stabilized and market-rate apartments.
A&E acquired the building, located at 400 E. 57th St., through its most recent real estate fund, AEREP III, which launched in April. A&E is accepting additional capital commitments for the vehicle, which is its largest fund to date.
“The investments we are making throughout New York City demonstrate our faith in the city’s future,” said James Patchett, CEO of A&E Real Estate. “Our residents represent the backbone of this city, and it’s our mission to provide them with quality housing and responsive building services.”
