Top 10 NYC Multifamily Sales in April 2016
- May 18, 2016
Trendy Brooklyn may have come out on top in this new data set, but overall recorded sales in April 2016 were dominated by transactions in Manhattan. Of special note is the continuing appetite for income producing properties in Washington Heights and Long Island City.
Sale Price: $79,672,500
Buyer: Eqr-North Ninth Ii LLC
Seller: Em N9 LLC, Fpg 237-263 North 9TH Property LLC
Despite rumors of shedding billions of dollars of apartments late last year and early in 2016, Sam Zell’s Equity Residential boldly picked up these Williamsburg apartment buildings last month.
Sale Price: $70,000,000
Buyer: Wwg Crescent 2 LLC And Wwg Crescent LLC
Seller: 42-15 Crescent Street LLC
Renovations on this building were almost completed last year, including a 2-story extension. World Wide Group just bought the Long Island City property, and has some finishing to do. New specs include almost 8,000 feet of retail space on the ground floor, with well-serviced, but smaller, apartments upstairs.
Sale Price: $58,000,000
Buyer: 50-58 East Third Fee LLC
Seller: 50-58 East 3RD Street LLC
This 3-part deal in Manhattan incorporates 50-52, 54-56, and 58 East 3rd Street. This rental building, bought by Anbau Enterprises, was previously owned by GRJ. GRJ owned the properties for just 4 years, after acquiring them for $23.5M.
Sale Price: $56,500,000
Buyer: 5523-Washington Ave & St. James Brooklyn LLC
Seller: Mohawk Housing Associates L P.
Originally built in 1905, this 7-story brownstone multifamily building hosts 86 units in Brooklyn’s prized Clinton Hill neighborhood.
Sale Price: $33,000,000
This property is an 8-story apartment building close to the Empire State Building, with 55 residential rental units, and 1 commercial unit. The building is located in Manhattan’s Murray Hill neighborhood.
Buyer: 15 East 36 Owner LLC
Seller: Montt Co.
Sales Price: $24,550,000
Sold for just shy of its original $26M asking price, the building holds 35 residential units while the ground floor is home to the new Elements Preschool (formerly Lower East Side Montessori School), complete with a 3,500 outdoor play area.
Buyer: 99 Suffolk Street LLC, C/O Hubb NYC Properties LLC
Seller: 99 Suffolk Group LLC, C/O Sandy Brand
Sale Price: $21,150,000
This two-part Manhattan real estate deal combines 37 residential apartments and 7 retail units. The properties are located close to 701 West 181st Street which has been marketed as an attractive Washington Heights development site, with over 70,000 square feet of buildable area.
Buyer: 554-558 W 181ST Street LLC
Seller: 554-558 181ST Street L P.
Sale Price: $20,000,000
This is another 3-parcel Manhattan deal recorded in April 2016, continuing the trend in appetite for Washington Heights real estate. Together, these mixed-use buildings deliver 79 residential and 2 commercial units for the new owners.
Buyer: Rh 507-517 West 171 Street LLC, C/O Moshe Silber
Seller: 507 West 171ST Street LLC
Sale Price: $18,750,000
Buyer: 705 Marion LLC and Bajraktari Realty Corp and Ellador Realty Corp. and H M Decatur Realty Corp.
Seller: Morina Associates LLC
Located in Norwood, this 92-unit rent-regulated multifamily building was bought by local investment firm Bajrakatri Management.
Sale Price: $17,350,000
Buyer: Parkash 2691 LLC
Seller: Steve Anne En, LLC and Steve Anne Rg, LLC
Located in Kingsbridge Heights – Jerome Park, this mixed-use property offers 10 commercial and retail units, and 62 residential apartments. The New York Times estimates the new owners’ cap rate at 4.49%.