Top 10 NYC Multifamily Sales in April 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.

Source: PropertyShark, a Yardi Systems Inc. company

Source: PropertyShark, a Yardi Systems Inc. company

 

1. 239 North 9 Street & 261 North 9 Street, BrooklynMHN0616_charts_PropertyShark_Multifamily top photo

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.

 

2. 42-15 Crescent Street, Queens

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.

 

3. 50 East 3rd Street, 54 East 3rd Street, 58 East 3rd Street, Manhattan

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.

 

4. 379 Washington Avenue, Brooklyn

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.

 

5. 15-17 E 36 Street, Manhattan

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.

 

6. 99 Suffolk Street, Manhattan

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

 

7. 554-556 & 558 West 181 Street, Manhattan

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.

 

8. 111-117 Audubon Ave., 507-509 West 171 St. & 515 West 171 St., Manhattan

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

 

9. 3288 Reservoir Oval E, Bronx

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.

 

10. 2691 Reservoir Avenue, Bronx

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%.