GAIA Real Estate has closed on $31.5 million in refinancing for a portfolio of four mixed-use residential and retail properties located on Manhattan’s Lower East Side. The fully stabilized portfolio includes 102 Norfolk St., 106 Norfolk St., 177 Ludlow St. and 99 Allen St., comprising 84 fully occupied residential units and seven leased ground-floor retail spaces. Rialto Capital Management provided the financing.
“We bought these buildings during COVID, when other investors were running away from the city—vacancy was high, concessions were the norm and retail spaces were struggling,” said Danny Fishman, co-founder and CEO, GAIA Real Estate. “Our business plan is to acquire during the down cycle of the market, create value for the building’s tenants and users and sell when it is most advantageous to do so.”
The financing was arranged by a JLL Capital Markets team led by Scott Aiese, Alex Staikos and Christopher Pratt. The lawyer for the transaction was Moty Ben Yona from SGR.
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