Top 10 NYC Multifamily Sales in June 2016
- Aug 17, 2016
PropertyShark has compiled the data and we’ve got the priciest multifamily property deals recorded in New York City in June. Read on to find out how each borough performed:
Sales Price: $139,600,000
Known as The Hamilton, this Yorkville tower with 265 residential units transferred last month in an uncharacteristic move by high profile developer Glenwood Management. Crain’s New York reports that the new owner, Bonjour Capital, may invest an additional $20M in upgrading the lobby, gym, and other amenities, though union workers fear their wages may be cut in half by the new buyer.
Sales Price: $72,150,000
This is Queens’ only position on June’s list, but one which shows the borough is still a hot choice for the smart money investor. This two parcel deal in Jackson Heights gives the new owner, La Mesa Verde, 6 multifamily apartment buildings with 324 units.
Sales Price: $46,601,000
Adding to the Downtown Brooklyn real estate frenzy, Gotham Capital picked up this mixed-use apartment and retail building last month for just shy of $47M. Note that the air rights had reportedly been transferred to The Bridge in 2012. Willoughby Street is one of the most exciting areas of NYC to watch right now, compounded by Extell’s recent acquisitions and move to build City Point at 138 Willoughby, and the potential for more development at the 200,000 square foot site at number 57 being offered by Helen Keller Services.
Sales Price: $45,804,347
This is a 3-part multifamily apartment building deal in popular Washington Heights. It was sold by A&E Real Estate to San Fran<->based Prana Investments. This portfolio combines 195 residential apartments. It is sold at $305 per square foot and 14.6x rent roll, according to the Realtors involved.
Sales Price: $30,908,065
Next is this 10-unit apartment building in leafy Greenwich Village. According to TRD this property was previously acquired by SVP at SJP Properties Enrique Alonso in 2014 for $19.2M.
Sales Price: $28,700,000
This is a prime Lenox Hill apartment building with 18 residential units and one commercial unit. Roman Abramovich (owner of Chelsea F.C.) claims not to be behind the acquisition of this property in spite of his well-known desire to construct an Upper East Side mega mansion next-door, at 11 to 15 East 75 Street.
Sales Price: $25,766,000
This Brooklyn deal incorporates properties at 1054-1064, 1070-1080 and 1086-1096 Bergen Ave. 72 rental apartments are housed in these buildings, though The Real Deal reports this transaction as being part of a larger portfolio buy on behalf of Hudson Companies which includes 5,100 square feet of property for a retail development.
Sales Price: $25,150,000
This deal includes 40 residential units along one of Brooklyn’s most popular avenues. In recent news, a City Council member preposed shutting down the avenue in Williamsburg to remake it a pedestrian square.
Sales Price: $24,970,000
This Broadway property is a mixed use building with 2 residential and 2 commercial units in the rapidly growing Union Square-Flatiron area. It’s another deal involving L3 Capital on this month’s list. New owner ASB plans to add value with new improvements even though it is currently 100% occupied.
Sales Price: $24,600,000
3300 and 3310 Palmer Avenue put the Bronx on this month’s top NYC deals list. Together they hold 135 Eastchester rental units, a part of local landlord Sam Applegrad’s recent buying spree.