Top 5 NYC Multifamily Sales—April 2021
- May 28, 2021
- 100 Second Ave., Manhattan
Sale Price: $13,250,000
Highpoint Property Group sold the eight-unit property known as The Callahan after just a little over one year of ownership. Highpoint acquired the 6,581-square-foot asset for $6.1 million in February 2020 and undertook a full interior renovation of the East Village structure. The four-story, mixed-use building encompasses one commercial unit, six fair-market units and one rent-stabilized apartment.
- 48 Bedford St., Manhattan
Sale Price: $6,500,000
An entity affiliated with the Demler family sold the 10-unit West Village property to 33 Equities in an all-cash deal. The seller had owned the five-story building since 2014. The 6,705-square-foot property was built in 1890 and underwent upgrades in 2012. This May, the Landmarks Preservation Commission of New York City included the property in the Greenwich Village Historic District Extension II.
- 124 E. 177 St., Bronx
Sale Price: $6,350,000
An entity connected to The Morgan Group sold the 42-unit property to a private investor. The new owner secured a $4.4 million acquisition loan from Sterling National Bank. The long-term mortgage carries a 6.67 percent interest rate and is scheduled to mature in 2031. Completed in 1939, the 40,900-square-foot building spans across six floors and previously changed hands for $4.2 million in 2013.
- 1875 Archer St., Bronx
Sale Price: $5,600,000
The two-story Park Versailles – Bronx River building changed hands with help from a $3.4 acquisition loan from Savoy Bank. The mortgage is scheduled to mature in 2031 and carries a 6.67 percent interest rate. The seller had owned the property since 1985. Completed in 1928, the 17,120-square-foot mixed-use property includes nine rent-stabilized apartments and nine commercial units consisting of 8,560 square feet.
- 116 E. 31st St., Manhattan
Sale Price: $4,750,000
A private investor sold the four-story building in a portfolio deal along with the three-story property at 118 E. 31st St. The new owner, an entity affiliated with Witnick Real Estate Partners, secured $3.6 million in acquisition financing from Investors Bank. The 8,300-square-foot portfolio includes 13 apartments and a 600s-quare-foot commercial unit. The assets previously traded in 2005 for $3.3 million, also in a portfolio transaction.