Top 10 NYC Multifamily Sales in March 2016
- Apr 20, 2016
March 2016 records reveal an active month for NYC multifamily deals.
Dive into the data from PropertyShark and discover who the top deal-makers of March were, as well as discovering the premium being put on apartment buildings compared to just a few years ago.
Sale Price: $270,000,000
Buyer: 160 East 48th Street Owner II LLC
Seller: Buchanan Apartments LLC
The biggest deal of the month goes to a joint venture between Madison Realty and USAA Real Estate. The ‘Buchanan’ building houses 299 apartments, as well as office and retail space. Almost 200 of the residential units are market-rate apartments according to coverage by The Real Deal.
Sale Price: $211,250,000
Buyer: Gs Chelsea Property Owner, LLC
Seller: Chelsea Commonwealth LLC
The Chelsea combines 18 stories with 195,774 square feet of residential space for modern and stylish apartments, as well as 11,200 square feet of retail space, including a Starbucks. It’s currently managed by Greystar according to the apartment building’s website.
Sale Price: $180,000,000
Buyer: 250 E 63 Realty LLC
Seller: Blair House Properties LLC
Originally built in 1964, this property is conveniently located in Lenox Hill. It is a 21-story multifamily apartment building with over 200,000 square feet of space, and 191 units.
Sale Price: $130,000,000
Buyer: 355 E 72 Realty LLC
Seller: Eastwood Towers Company
This is a 144-unit Lenox Hill apartment building, with one commercial space. The building offers 24-hour doorman service and it is close to multiple transportation options and shops.
Sale Price: $125,000,000
Buyer: Gs 247 N7TH Williamsburg Property Owner LLC
Seller: North 7 Aare LP, Hoshen Boys N7/8 LLC, Mp Aare LLC, Shuster N7 LLC, Horizon North 7 LLC
The two properties were previously purchased by Silverstone Property Group for $21.66M in 2012. The firm reportedly planned to build a 170-unit apartment building and full demolition permits were filed.
Sale Price: $87,500,000
Buyer: New York University
Seller: Benchmark 320 L P.
Another monumental NYC real estate flip for 2016. NYU purchased this 94-unit, 67,000-square foot multifamily property from Benchmark Real Estate who acquired it for just $39M in 2012. A statement from the university says the building will be used to “provide housing primarily for trainees and staff” at the NYU School of Medicine.
Sale Price: $66,638,816
Buyer: Hp Rosedale Gardens Housing Development Fund Compa
Seller: Academy Gardens LLC, Prb 1 LLC, Sjc 1 LLC
This expansive 8-parcel Bronx deal includes 502, 520-522, 540-542, and 550-552 Rosedale Avenue, and 501-513, 521-523, 539-541, and 549-561 Commonwealth Avenue. The purchase by Joe Gluck spans 470 affordable Section 8 apartments. The Academy Gardens complex was picked up by the seller in 2005 for just $17.3M.
Sale Price: $38,500,000
Buyer: 138 Greene Retail, LLC
Seller: Premier 138 Greene, LLC
This SoHo apartment building incorporates 49 residential units and 3 commercial spaces. The 6-story, cast-iron building was originally designed by Alfred Zucker in the late 1800s.
Sale Price: $33,332,513
Buyer: 730 Riverside Associates LLC
Seller: 730 Riverside Drive, LLC
The 64-unit Beaumont Apartments building was slated for designation as a landmark site by the Landmarks Preservation Commission in 2013, despite opposition by the owner. It was originally designed by George & Edward Blum.
Sale Price: $28,000,000
Buyer: Dale Grenfell LLC
Seller: Mmk Grenfell LLC, Sjm Grenfell LLC, Grenfell Realty Co., LLC
One address of a two-part deal acquired by Benedict Realty Group. The building is located in Kew Gardens and has a total of 128 residential units.