Top 10 NYC Multifamily Sales in July 2016

PropertyShark has compiled the 10 priciest multifamily property sales recorded in July 2016 in New York City. Keep reading to discover which areas were most popular, the types of deals being done, who some of the top deal makers are this summer and the borough that surprisingly claimed the top spot.

Source: PropertyShark, a Yardi Systems Inc. company

Source: PropertyShark, a Yardi Systems Inc. company

 

  1. 20-05 Shore Blvd., QueensMHN0916_charts_PropertyShark_20-25 Shore Blvd

Sale Price: $121,000,000

This seven-parcel deal includes properties at:

  • 20-05 Shore Blvd.
  • 20-25 Shore Blvd.
  • 20-11 18th
  • 20-32 19th
  • 20-31 19th
  • 20-11 20th
  • 20-12 20th

This new acquisition adds 444 Section 8 units to The Related Cos.’ portfolio. The firm has applied to add 53 more affordable housing units on the site for veterans and the homeless.

 

  1. 1955 First Ave., Manhattan

Sale Price: $103,000,000

The Aspen building in East Harlem contains 232 residential units and five commercial units. It was built in 2004 and offers affordable but luxurious apartments with ground-floor retail spaces.

 

  1. 2411 Fredrick Douglas Blvd., Manhattan

Sale Price: $30,158,876

This 205-unit, Section 8 apartment building in Harlem is part of a larger $135 million partnership to preserve affordable housing, the result of a collaboration among Tahl Propp Equities, HUD, NYC HDC and several other organizations.

 

  1. 116 Seventh Ave. & 204 W. 17th St., Manhattan

Sale Price: $29,000,000

This deal included two Chelsea buildings sold by Extell Development, containing 11 residential units and two commercial units. That’s almost triple the $11 million paid by Extell to purchase these properties just six months earlier.

 

  1. 165 Lott Ave. & 465 Thatford Ave., Brooklyn

Sale Price: $27,531,563

Newport Gardens holds 128 Section 8 apartment units in Brownsville, Brooklyn. Another multi-parcel deal keeping part of the affordable housing trend this summer.

 

  1. 50 Manhattan Ave., Manhattan

Sale Price: $25,800,000

New Jersey-based The Orbach Group purchased this 49-unit Manhattan Valley multifamily property. The Real Deal reports the majority of the units as being rent stabilized, with financing in the amount of $15 million provided by the Israel Discount Bank of New York.

 

  1. 442 Lorimer, Brooklyn

Sale Price: $25,500,000

Located in Williamsburg, Brooklyn, this six-story mixed-use building has 53 residential apartments, with five commercial units and stores on the ground floor.

 

  1. 541 Fourth Ave., Brooklyn

Sale Price: $19,875,000

A partnership between Adam America Group and Slate Property Group picked up eight contiguous townhouses in Park Slope, with an eye toward redevelopment. News coverage reveals plans for a new 12-story multifamily rental building with 130 apartments and 120,000 square feet of retail space. The property addresses include 541, 543, 545, 551, 553, and 555 Fourth Ave.

 

  1. 242 S. Third St., Brooklyn

Sale Price: $18,000,000

Another property located in Williamsburg, this 25-unit apartment building also includes five commercial units.

 

  1. 1269 First Ave., Manhattan

Sale Price: $17,750,000

This is a five-story building with three commercial units and 20 apartments above, located in Lenox Hill. Current tenants include Subway, Lenny’s Subs and Perfect Brows.