A&E Real Estate obtains 179-unit Rivers
Bend apartments for $116.5 million

Manhattan, NY A&E Real Estate has acquired Rivers Bend, a 22-story luxury rental apartment building in the Yorkville neighborhood of the Upper East Side. A&E acquired a 100% stake in the 179-unit building, located at 501 East 87^th St., from Soloviev Group for $116.5 million, or $547,000 per unit.

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 fitness center. The 202,000 s/f postwar building also has 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 Ave. and 87^th St., 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 90^th St. NYC Ferry terminal and the Second Ave. subway, a host of renowned restaurants and shops, as well as the city’s leading private and public schools.

S. Charatan Realty founder and president Jack Bick represented Soleviev Group in the transaction.

501 East 87^th St. adds to A&E’s growing multifamily portfolio. Recent multifamily acquisitions include 140 and 160 Riverside Blvd., which it purchased from Equity Residential; 1080 Amsterdam and 400 East 57^th St. 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.