NEW YORK (September 2, 2021) – Smith, Gambrell & Russell, LLP (SGR) is pleased to announce the firm served as legal counsel to GAIA Real Estate, a privately held, full-service, vertically integrated real estate investment firm, in its $49.5 million acquisition of 50-58 East 3rd Street, a portfolio of three contiguous residential buildings and 71 units located in Manhattan’s East Village. This is GAIA’s first New York City (NYC) acquisition since the pandemic and the first within its NY Metro Fund recovery strategy.
Headquartered in NYC, GAIA has acquired $3 billion of real estate that can be enhanced by hands-on management with rigorous execution of a comprehensive business plan in the multifamily, condominium, and office sectors. GAIA’s NY Metro Fund aims to invest in opportunistic residential product within the NY Metro area. The East 3rd Street portfolio is indicative of the type of assets that will be acquired by the Fund.
About GAIA Real Estate
Founded in 2009, GAIA is a privately held, full-service, vertically integrated real estate investment firm with a proven track record and strong management team. Headquartered in New York City, GAIA specializes in alpha-generating projects, value-add properties, creative structures, and “out of the box” transactions alongside broad-based market themes. Over the last 12 years, GAIA has acquired over $3 billion in assets comprising 18,000+ units across 78 properties. GAIA is a fully integrated investment company with in-house asset, construction, and property management capabilities. The firm employs 50 people in its headquarters in Manhattan as well as over 100 people across its properties throughout the United States. For more information, visit www.gaiare.com.
About Smith, Gambrell & Russell, LLP
SGR is a full service, international law firm that advises regional, national and global businesses on a wide range of legal matters. The firm’s 250 attorneys provide legal counsel in more than 45 specialized practice areas, including corporate transactions, litigation, intellectual property, aviation, banking, real estate, construction, employment law, and employee benefits and executive compensation. Founded in 1893, SGR has offices in Atlanta, Austin, Jacksonville, London, Los Angeles, Miami, Munich, New York, Southampton, and Washington, D.C.