Top 5 NYC Multifamily Sales

PropertyShark compiled the top 5 multifamily sales recorded in December 2018 in New York City.
Source: PropertyShark, a Yardi Systems Inc. company
  1. 525 W. 28th St., Manhattan
    525 W. 28th St., Manhattan

    Sale Price: $607,120,000

Located in Chelsea, this 31-story community is known as AVA High Line. The community offers 405 studio, one-, two- and three-bedroom units ranging from 481 to 1,437 square feet. Features include washer/dryers, high ceilings, a fitness center, a business center, a community room, a children’s playroom, laundry facilities, a doorman, a rooftop terrace and private balcony/patios. Of the total apartments, 120 are designated as affordable. This property was subject cu a portfolio sale, which also included four other assets—282 11th Ave., 1 Morningside Drive, 22 E. First St. and 11 E. First St.

  1. 271 W. 47th St., Manhattan
    Sale Price: $290,000,000

Known as The Biltmore, this building features 464 studio, one- and two-bedroom units, plus penthouses. Floorplans range from 475 to 1,225 square feet across 52 stories. The community was purchased by GreenOak Real Estate from The Jack Parker Corp. The sale was subject to a $138.2 million loan held by Mesa West Capital, according to Yardi Matrix. The asset, which was 98.1 percent occupied as of December, provides features such as washer/dryers, high ceilings, a fitness center, a business center, a community room, laundry facilities, 61 covered parking spaces, a media room, a doorman, and access to 15,000 square feet of retail and 20,000 square feet of office space. Of the total units, 92 are designated as affordable. The property was developed under Section 42 provisions, with tax credits that restrict rents through 2033.

  1. 23-01 42nd Road, Queens
    Sale Price: $284,000,000

This elevator apartment building was constructed in 2015 and offers 44 stories. The property is situated on a 14,920-square-foot lot in Hunters Point. Comprising 390,824 square feet, the building features 391 residential units averaging 964 square feet, as well as a 14,000-square-foot garage. Nearby transportation options include the N/Q and 7 subway lines at the intersection of Queens Plaza South and 27th Street.

  1. 175 W. 87th St., Manhattan
    Sale Price: $220,500,000

Dubbed Glenn Gardens, this 32-story community features 266 studio, one-, two-, three- and four-bedroom units, ranging from 500 to 1,600 square feet. According to Yardi Matrix, the building was purchased by A&E Real Estate Holdings from private owner Merrill A. Zuniga. The sale was subject to a $163 million loan held by KKR. As of December, the asset was at a 99.2 percent occupancy. Community features include hardwood floors, a fitness center, a community room, a playground, laundry facilities, 150 parking spaces, a doorman, private balcony/patios, and access to 3,500 square feet of retail. The Class A building was constructed in 1975 and totals 288,420 square feet.

  1. 507-511 Third Ave., Manhattan
    Sale Price: $56,500,000

Located in the neighborhood of Murray Hill, this five-story building is home to 24 residential units totaling 11,610 square feet, as well as 3,000 square feet of retail space leased to Nana Sushi NYC. The walk-up apartment building is estimated to have been built in 1900 and last altered in 1961. Nearby transportation includes the 6 subway line at the corner of Park Avenue and 33rd Street, as well as the M34+ and M34A+ bus routes, situated at the intersection of East 34th Street and Third Avenue.