Top 5 NYC Multifamily Building Sales—August 2021

PropertyShark compiled the top multifamily sales recorded last month in New York City.
Source: PropertyShark, a Yardi Systems Inc. company
Source: PropertyShark, a Yardi Systems Inc. company
  1. 500 W. 23rd St., Manhattan
    Sale Price: $46,500,000
500 W. 23rd St., Manhattan

Safehold acquired the land beneath the 111-unit Chelsea property known as Ten23. The ground lease is set to expire in July 2054. Equity Residential owns the LEED Silver-certified asset, which came online in 2011. Ten23’s unit mix includes studios and one- to three-bedroom apartments. Amenities at the pet-friendly community include a 24-hour fitness center, concierge service, on-site management, rentable backyard spaces, bike storage and two rooftop spaces.

  1. 325-327 W. 77th St., Manhattan
    Sale Price: $15,400,000

A private partnership sold the 48-unit Upper West Side asset to an entity affiliated with a joint venture between Chestnut Holdings and Denali Management. Signature Bank provided $11.8 million in acquisition financing to facilitate the sale. Completed in 1920, the 10-story landmarked building is part of the West End-Collegiate Historic District. Nearby transportation options include the 1,2 and 3 trains at West 79th and 72nd Street.

  1. 135 W. 225th St., Manhattan
    Sale Price: $14,650,000

Rosedale Management sold the 82-unit Marble Hill community to a private investor, who secured an $11.7 million acquisition loan from New York Community Bank to close the purchase. Built in 1937, the property features a mix of studios and one- and two-bedroom apartments. The pet-friendly community features controlled access, smart card-accessible laundry facilities and full-time live-in super and porter.

  1. 2300 Grand Concourse, Bronx
    Sale Price: $14,000,000

An entity connected to The Morgan Group sold the 68-unit Fordham property to an entity affiliated with Chestnut Holdings. JP Morgan Chase Bank provided $10.5 million in acquisition financing. The six-story community was developed in 1940 and includes eight free-market apartments, as well as two elevators. Residents have access to the B and D subways accessible on the NE corner of Grand Concourse and 182nd Street.

  1. 271 Hicks St., Brooklyn
    Sale Price: $12,750,000

The five-story Brooklyn Heights brownstone hit the market in early 2021 and went into contract in April. The August transaction closed with the help of a $7.4 million acquisition loan originated by JP Morgan Chase Bank. The Greek revival-style townhouse dates back at least to 1846 and previously changed hands for nearly $5 million in 2017. Totaling 5,202 square feet, the building includes 3,978 square feet of residential space and a 1,224-square-foot basement.