GAIA Real Estate has announced the closure of 106 Norfolk Street, a ground-floor retail apartment on Manhattan’s Lower East Side. The building consists of 28 residential units and 2 retail suites.
The acquisition of 106 Norfolk follows GAIA’s recent purchase of three other properties on the Lower East Side and is within minutes’ walk of most of GAIA’s downtown portfolio.
GAIA CEO Danny Fishman said, “This is an additional building in our growing portfolio in NYC, investing in properties located in strong areas of the city that attract young professionals. The property will also help grow our New York City retail portfolio in an area where retail is booming as a result of changing work-from-home dynamics. ”
106 Norfolk is conveniently located within walking distance of Soho, Tribeca and the East Village, served by 3 subway stations and 6 subway lines. One block away is Essex Crossing, a transformative mixed-use development with 350,000 SF of office space, 300,000 SF of retail space, 100,000 SF of green space and over 1,000 residential units. 106 Norfolk has been well maintained and refurbished over the past decade. The building layout is efficient yet offers a variety of units. Two-thirds of the units are one bedroom and the remainder are two bedroom units. Most of the units are free market.
GAIA Partner David Kusy said: “Additionally, this asset complements our existing portfolio as we continue to execute our recovery strategy for New York City.”
The property’s retail component fits naturally into the dynamic and thriving Lower East Side neighborhood. Retail tenants include Nurse Betty’s, a favorite among bar enthusiasts, and La His Contenta, a famous Mexican restaurant.
Attorney Moty Ben Yona of Gambrell & Russell LLP represented GAIA in the transaction.
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