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Hawkins Way Capital has expanded its New York City student housing portfolio with the acquisition of 81 East Third Street in Manhattan's East Village for $28 million.
The 13-story, 36,047-square-foot property contains 45 residential units and is currently utilized as a combination of student housing and market-rate apartments. Approximately two-thirds of the building serves as student housing for the New York Conservatory for Dramatic Arts, making it a strategic addition to Hawkins Way's growing student housing platform.
The transaction closed on June 17, 2026, and follows another significant New York acquisition by Hawkins Way earlier in the month, further demonstrating the firm's commitment to the student housing sector.
The acquisition reflects Hawkins Way Capital's ongoing strategy of investing in student housing assets across key urban markets. The firm currently manages approximately $3 billion in assets and has completed several notable student housing transactions throughout New York City.
Located at 81 East Third Street between First and Second Avenues, the property benefits from its proximity to educational institutions, public transportation, and the amenities of the East Village, making it attractive for both student and residential tenants.
The student housing component serving the New York Conservatory for Dramatic Arts is expected to remain in place, preserving an established housing solution for students while providing stable occupancy.
With a combination of student housing and market-rate apartments, the property offers multiple revenue streams and operational flexibility for ownership.
The transaction highlights continued investor interest in student housing, a sector often viewed as benefiting from stable demand and long-term occupancy trends driven by higher education enrollment.
The transaction was brokered by BKREA's Bob Knakal and Ana Barrie, who represented both the buyer and seller in the transaction.
The acquisition follows Hawkins Way's recent purchase of the AMDA College of the Performing Arts residence hall on the Upper West Side, demonstrating the firm's active investment strategy within New York City's student housing market.
Student housing continues to attract institutional and private investors seeking stable occupancy and long-term demand fundamentals. As colleges and universities face increasing housing needs, well-located student housing assets remain a highly sought-after investment category.
For New York City, the transaction demonstrates continued investor confidence in residential and student housing properties despite evolving market conditions and capital markets challenges.
Property: 81 East Third Street
Location: 81 East Third Street
Purchase Price: $28 Million
Building Size: 36,047 Square Feet
Stories: 13
Residential Units: 45
Primary Use: Student Housing and Market-Rate Apartments
Student Housing Tenant: New York Conservatory for Dramatic Arts
Buyer: Hawkins Way Capital
Seller: 81 East 3 Street Realty
Hawkins Way Capital acquired the property for $28 million.
The building is a mixed-use residential asset containing student housing and market-rate apartments.
The building spans approximately 36,047 square feet across 13 stories and contains 45 residential units.
The student housing section is occupied by students attending the New York Conservatory for Dramatic Arts.
BKREA's Bob Knakal and Ana Barrie represented both the buyer and seller.
The transaction strengthens Hawkins Way Capital's growing student housing portfolio and reflects continued investor confidence in the sector's long-term fundamentals.
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