A&E Real Estate completes acquisition of 1080 Amsterdam Ave. from SL Green for $42.5 million

New York, NY A&E Real Estate has acquired 1080 Amsterdam Ave., a 20-story elevator apartment building located in Morningside Heights.  

A&E acquired the leasehold interest in 1080 Amsterdam, which consists of 96 rental apartments, a street-level retail storefront and a professional unit, from SL Green for $42.5 million, or $443,000 per unit.

The off-market transaction is A&E’s third acquisition of an SL Green residential property in the past year.  

“We have assembled a diverse multifamily portfolio – from workforce housing acquired from legacy owners in the boroughs to prestigious core Manhattan residences acquired from major institutional investors,” said Douglas Eisenberg, executive chairman of A&E Real Estate. “Even as others were openly despairing about New York City’s future, we continued to quietly execute on our core convictions, locking up high-quality properties at attractive pricing across the city.”

Built in 1931, 1080 Amsterdam Ave. formerly served as staff housing for St. Luke’s-Roosevelt Hospital before being converted in 2014 by Stonehenge and SL Green. The 90,000 s/f building is located on the corner of 113th St. and Amsterdam Ave. – steps from Columbia University, St. John the Divine and Morningside Park. 

Resident amenities include a modern fitness center, resident lounge and bike storage facility, a 24-hour attended lobby, high speed elevators and ongoing, complimentary programming. The retail storefront is located along Amsterdam Ave., while the recently renovated residential entrance is located on 113th St.