Built in 2002, 140 Riverside Boulevard stands 28 stories along the Hudson River on Manhattan’s Upper West Side.

A&E Real Estate Acquires Apartment Tower in Manhattan from Equity Residential for $266M

NEW YORK CITY — A&E Real Estate, a private multifamily investment and management firm based in New York City, has purchased 140 Riverside Boulevard, a luxury 354-unit apartment tower on the Upper West Side of Manhattan. Equity Residential (NYSE: EQR), a multifamily REIT based in Chicago, sold the 28-story community for $266 million. Darcy Stacom and Ryan Silber of CBRE represented Equity Residential in the sale.

Built in 2002, the apartment tower features controlled access, a doorman, fitness center, interior courtyard, multiple tenant lounges, onsite management, package services, storage space and concierge services. The property is situated opposite Riverside Park South, a New York City park that fronts the Hudson River.

Additionally, the community includes commercial space currently leased to New York Cat Hospital, a veterinarian’s clinic, and Dwight School, a private school catering to pre-K and kindergarten students.

“140 Riverside Boulevard is a stand-out in the New York market, situated both waterfront and park-front with direct access to the Hudson River Park system,” says Stacom. “The property has been meticulously maintained and is truly excellent real estate — as this transaction validates.”

Founded in 2011, A&E Real Estate began with the acquisition of a 49-unit apartment community in Brooklyn. Since then, the firm has grown to be among the largest residential owners in New York City. A&E makes investments on behalf of U.S. institutions, endowments, pension plans and family offices.

Equity Residential owns or has investments in 311 properties consisting of 80,581 apartment units, with an established presence in Boston, New York, Seattle, San Francisco, Southern California and Washington, D.C. The firm is looking to expand its footprint in high-growth markets such as Denver, Atlanta, Dallas-Fort Worth and Austin. According to Equity Residential’s website, the company currently owns 35 communities in New York City, including 180 Riverside Boulevard, which is two blocks north of 140 Riverside Boulevard.

Equity Residential’s stock price closed on Friday, April 8 at $91.77 per share, up from $71.78 a year ago, a nearly 28 percent increase.