GAIA Real Estate Acquires Mixed-Use Portfolio on Manhattan’s Lower East Side and Secures $24M in Financing

102 Norfolk Street

JLL Capital Markets today announced that it has arranged a $34.75 million sale and $24.325 million acquisition financing for a portfolio of three mixed-use properties located on Manhattan’s Lower East Side, which will includes 56 residential units and five commercial spaces.

JLL marketed the property on behalf of the seller, SMA Equities. JLL also worked on behalf of the borrower, GAIA Real Estate, a New York-based institutional real estate investment firm led by Danny
Fishman, to guarantee the loan through Bank of America.

177 Ludlow Street

The majority of residential units in the portfolio offer two or three bedroom floor plans, and several
units feature renovations with high-end finishes and a central HVAC system. 46 of the apartments are open market
and the other 10 are rent-stabilized.

Located at 102 Norfolk St., 177 Ludlow St. and 99 Allen St., the portfolio is located in one of the most
culturally diverse and historic neighborhoods of New York. The Lower East Side is bounded on the
to the west by Bowery Street, to the south by Delancey Street, to the east by East River Park and on the
north by East Houston Street and East Village. It is considered one of the most sought after in the city
residential neighborhoods, especially among students and young working people, due to its central location
downtown location, relatively affordable housing stock, and vibrant dining and nightlife options.

The portfolio also offers exceptional access to all of Manhattan and the five boroughs across the
nearby metro stations that serve the J, Z, F, M, B and D trains.

The JLL Capital Markets investment sales team representing the seller was led by the President, NY
Investment Sales Bob Knakal, Managing Directors Guthrie Garvin and Jonathan Hageman and Analysts
Jack Norton and Jacob Russell. Work on behalf of the Borrower Senior Managing Director Scott
Aiese, director Alex Staikos and analyst George Kordahl led the JLL Capital Markets Debt Advisory

“Despite inflationary headwinds, the New York multi-unit market continues to be an attractive market
opportunity for savvy investors and sellers looking to capitalize on demand for historic apartments as the city
continues to prove its resilience and appeal as a world-class place to live, work and play,” said Garvin.

“This is a high performing portfolio of mixed-use assets located in a premier New York City neighborhood,” said
Ayese. “The borrower is well placed to take advantage of the upward pressure that inflation continues to exert
on apartment rents.

JLL Capital Markets is a global, full-service provider of capital solutions for real estate investors and
occupants. The firm’s in-depth knowledge of the local market and global investors provides best-in-class
solutions for clients – whether investment sales advice, debt advice, equity advice or a
recapitalization. The firm has more than 3,000 capital markets specialists worldwide with offices in
nearly 50 countries.

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