A
&E Real Estate has expanded its New York City residential portfolio with the acquisition of Rivers Bend, a 22-story luxury rental tower on Manhattan's Upper East Side. The firm purchased the 179-unit building from Soloviev Group for $116.5 million, assuming a $60 million Freddie Mac loan and financing the rest through equity.

    The deal marks an end to a tense lawsuit between A&E and Soloviev Group, which had sought to maintain a minority stake in any new ownership structure following a sale. The two parties were able to resolve their differences with the help of attorneys Jonathan Mechanic and Chris Smith.

    "We were able to come to an agreement that worked for both sides," said Douglas Eisenberg, A&E co-founder and CEO. "For us, it's special to buy these types of assets from original owners who built them in New York City."

    Rivers Bend, located at 501 East 87th Street, features a parking garage, rooftop terrace with an indoor swimming pool, fitness center, wood-burning fireplaces, and 24-hour doorman service. Eisenberg praised the building's design, calling it "ahead of its time" and expressing admiration for the attention to detail in its layouts and materials.

    A&E plans to invest a substantial amount of capital into the property. The acquisition adds to the firm's growing portfolio of New York City apartments, which now totals over 20,000 units under management. Eisenberg noted that the city is experiencing a significant demand for market-rate apartments due to a lack of supply.

    The purchase follows A&E's buying spree in 2022, during which it acquired several notable properties, including 160 Riverside Boulevard and Cunningham Heights, a 22-building community housing portfolio in Queens Village.