Top 5 NYC Multifamily Building Sales—June 2021
- Jul 23, 2021
- 2326 Broadway, Manhattan
Sale Price: $70,250,000
Bi-Coastal Properties sold the 128-unit Upper West Side Community known as Eagle Court to Naftali Group. Deutsche Bank provided $43.8 million in acquisition financing. According to the property website, Eagle Court is the site where Edgar Allan Poe once completed his historic poem “The Raven”. Floorplans include studios and one- to three-bedroom units. A climate-controlled lobby, 24-hour concierge services, two elevators, a gym, on-site manager and 24/7 laundry facilities are among the seven-story building’s amenities.
- 440 W. 41st St., Manhattan
Sale Price: $40,300,000
A joint venture between Camber Property Group and Standard Cos. acquired the 120-unit building in Hell’s Kitchen. Citibank originated a $41 million acquisition loan on behalf of the buyers. The rental property sold out of bankruptcy following a five-year reorganization process. It previously changed hands for $27.8 million in 2015. The 14-story community includes 111 free-market and nine regulated apartments averaging 597 square feet.
- 30 E. 14th St., Manhattan
Sale Price: $23,500,000
Entities affiliated with the Dushey family and the Dadon family sold the Greenwich Village property to a joint venture consisting of Witnick Real Estate Partners, Namdar Realty Group and Gorjian Real Estate Group. The new owners purchased a 60 percent, 30 percent and 10 percent interest, respectively, in the asset. Axos Bank facilitated the transaction with $13.5 million in acquisition financing.
- 781 Washington Ave., Brooklyn
Sale Price: $22,000,000
An entity connected with Brooklyn-based BPC Management sold a three-building Prospect Height property. The new owner secured a $16.5 million acquisition loan from Sterling National Bank. The 47,925-square-foot portfolio totals 63 units. Apartments in the six-story rental buildings average 761 square feet. Completed in 1920, the complex is close to transportation options including the 2-3 station lines at the NW corner of Washington Avenue and Eastern Parkway.
- 101 Cooper St., Manhattan
Sale Price: $15,150,000
Prana Investments acquired the 82-unit Inwood community from Rosedale Management. Peapack-Gladstone Bank originated $11.4 million in acquisition financing on behalf of the new owner. Built in 1937, the six-story rental building features a unit mix of studios and one- and two-bedroom apartments. Spanning 79,440 square feet, the property is on a 0.5-acre site located in an Opportunity Zone. Amenities include controlled access and on-site laundry facilities.