Top 10 NYC Multifamily Sales in May 2016
- Jun 21, 2016
Check out the latest data from Property Shark and discover the priciest multifamily apartment deals in NYC recorded in May 2016. Find out the one borough which managed to put up a fight against Manhattan, who some of the top deal makers were, and what the kings of New York real estate are buying up now.
Sale Price: $75,400,000
Buyer: US-Dev Associates II LLC
Seller: 85 East 10th and 112-120 East 11th Street LLC
Part of a larger $127M deal which incorporates 6 East Village buildings, this property is slated for new development. New owners, Lightstone, are expected to revamp the space as an 85,000 square foot, 300-bedroom hotel. The group is currently in the process of investing $1B in 4 Marriot ‘Moxy’ hotels. Financing came from Goldman Sachs.
Sale Price: $66,500,000
Buyer: MD CBD 180 Franklin LLC
Seller: 168 Franklin Holdings LLC
This newly completed Bed Stuy apartment building boasts 118 units across 80,000 square feet. It is the only deal on this list that is not in Manhattan. The property was previously acquired as a vacant lot for just $8.5M in 2011.
Sale Price: $55,500,000
Buyer: Irving Fifty One LLC, SP Irving Owner LLC
Seller: Delorenzo House LLC
Finally closed for around $7M less than the original asking price, this Gramercy Park building was the last NYC holding of the Rumpel Family. The mixed-use property includes 56 apartments of which 40 are market rate, as well as several retail spaces, an office, and a stand-alone townhouse. The brick building could get a makeover by the new owners who also have 5,000 square feet of air rights that could be tapped for expansion.
Sale Price: $52,600,000
Buyer: 1104 LEX LLC
Seller: Article Third Trust Uwo Marie, James Heywood, Co-Trustee, John F Mcgrane, Co-Trustee
These two Lenox Hill – Upper East Side apartment buildings combine 20 residential units, and 11 commercial units. Approximately half of the pre-war apartment units are rent stabilized. Retail accounts for around one quarter of the total space, at 10,000 square feet.
Sale Price: $47,500,000
Buyer: 885-889 10th Avenue LLC
Seller: Benchmark 885 LP
7-story, 38-unit Hell’s Kitchen multifamily apartment building with 3 commercial units. Close to Terminal 5<,> the Lincoln Center for the Performing Arts, and David H Koch Theater.
Sale Price: $35,000,000
Buyer: 60 East 12th Street New Fee, LLC
Seller: Burton, Rebecca F Ethel Goldstein Irrevocable Trust UA 62300
East Village multifamily building close to Webster Hall and Union Square, between 4th Ave. and Broadway. Marketed as a luxury doorman apartment building, with a 100 out of 100 WalkScore.
Sale Price: $31,000,000
Buyer: West 10th Townhouse LLC
Seller: 21 West 10th LLC
West Village – Meat Packing District luxury multifamily building with 4 stories and 10 residential units on a leafy street.
Sale Price: $28,435,435
Buyer: 207-217 West 110 Portfolio Owner LLC
Seller: 207 Realty Associates LLC
One building in a two<->part Central Park North deal acquired by Fairstead for a combined $48M. The group<,> which now owns around $2.5B worth of rental units, is known for its value-add acquisitions.
Sale Price: $28,000,000
Buyer: H 317-319 LLC
Seller: M317-319 Realty LLC
Mayflower Business Group picked up this multifamily duo with plans to tear the two 5-story properties down and redevelop. New York YIMBY suggests the developer could purchase another 10,000 square feet in air rights and take the new building higher. These units were previously embroiled in a foreclosure battle between a developer and Bank of Smithtown in which the previous owner filed for bankruptcy protection.
Sale Price: $27,200,000
Buyer: 4221 Broadway Owner LLC
Seller: 701 Amifra, LLC; 701 B, LLC; 701 West Associates, LP; Mbs Holdings V, LLC.
Combining 50 residential units and 7 commercial units, this Washington Heights apartment building continues the trend we saw in gobbling up income properties in this area earlier this year.
The above data certainly shows a NYC property market that is flush with capital and eager to invest it in redeveloping multifamily properties which have been off the market for decades. There continues to be a significant appetite for package and value add deals, with Manhattan being the recipient of the bulk of the cash flowing into real estate in May 2016.