Gaia Real Estate and Harel Insurance secure $27.15 million sale of 48-unit apartment building

Gaia Real Estate Investment and Harel Insurance Investments and Financial Services, Ltd. have arranged the sale of Gaia by the Park, a 48-unit, six-story rental apartment building at 5 West 91st St. on the Upper West Side for $27.15 million. Gaia and Harel were represented by Besen & Associates. Amit Doshi of Besen represented the seller and Glenn Raff, also of Besen, represented the buyers. "We are pleased to continue to identify unique value-added opportunities and deliver outsized returns to our investors," said Gaia managing partner Danny Fishman. Amir Yerushalmi, also managing partner and co-founder of the firm with Fishman, said, "It is all about discipline and execution. Gaia's financial asset management and in-house property management teams are second to none in this regard." "As part of Harel's real estate investment strategy, we are continuously evaluating acquisition opportunities as well as the timely disposition of assets," said Gadi Ben Haim, head of real estate investments at Harel. "The property was purchased during the recession when we recognized the opportunity of low prices combined with the lack of financial resources available at the time. "The asset and its performance were improved over a short period which enabled us to realize the asset's potential and sell at a great profit," said Ben Haim."Harel will continue its strategic plan to increase the real estate portion of its investment portfolio by recognizing opportunities in the markets in which we operate."