Top 5 NYC Multifamily Sales—August 2020

PropertyShark compiled the top 5 multifamily sales recorded in August 2020 in New York City.
Source: PropertyShark, a Yardi Systems Inc. company
  1. 111 Kent Ave., Brooklyn
    Sale Price: $45,340,000
111 Kent Ave., Brooklyn

American Realty Advisors sold the 62-unit complex to the North American arm of Beijing-based Yihai Group for $731,290 per unit. The seller had owned the Williamsburg luxury rental since 2012—ARA had purchased the property for $56 million from Stellar Management. Completed in 2008, the seven-story building is located on a 0.5-acre site between North Seventh and North Eighth streets. Residents of the property can reach the L subway line at the corner of Bedford Avenue and North Seventh Street, while the B32 bus route is at the intersection of Kent Avenue and North Sixth Street.

  1. 150 E. First St., Manhattan
    Sale Price: $29,500,000

GPG Properties sold the 25-unit Upper East Side property to Redeemer Presbyterian Church. The new owner revealed plans to demolish the six-story building, constructed in 1910, and develop a 10-story ministry center. Groundbreaking is anticipated for late 2021, with delivery expected by early 2023. Plans call for a sanctuary seating up to 600 people, a 300-person fellowship hall and up to 17 classrooms. Nearby transportation options include the 4/5/6 subway lines at the NE corner of Lexington Avenue and 86th Street, as well as the M101 bus route at the intersection of Lexington Avenue and East 92 Street.

  1. 185-187 Claremont, Manhattan
    Sale Price: $15,800,000

BlackRock sold the 62-unit community to Prana Investments for $254,839 per unit. The seller had owned the Morningside Heights property since 2013. New York Community Bank facilitated the transaction with $10.5 million in acquisition financing, which carries a 5.5 percent interest rate and is scheduled to mature in August 2050. The community features a mix of studio and one-bedroom apartments. Completed in 1941, the transit-oriented building is close to the 1 subway line at the SW corner of Broadway and 125th Street and the M104 bus route at the Broadway and La Salle Street intersection.

  1. 261 Lenox Road, Brooklyn
    Sale Price: $14,759,000

The 120-unit property changed hands between two private investors at a per-unit price of $122,992. Signature Bank originated a $17.2 million permanent loan, which is subject to a 5.5 percent interest rate and an August 2050 maturity date. Located in an opportunity zone, the six-story community was completed in 1956 and features studios and one- and two-bedroom apartments. Amenities include controlled access, laundry facilities and 80 grade-level parking spaces. Covered parking is available for an additional fee.

  1. 91-35 193rd St., Queens
    Sale Price: $11,000,000

Alma Realty Corp. acquired the 81-unit property in Hollis from a private investor, with Signature Bank facilitating the deal with a $7.2 million permanent mortgage. The acquisition financing carries a 5.5 percent interest rate and is scheduled to mature in July 2050. The transaction marks the first sale since 1967. Developed in 1959, the six-story community features a 20-car parking garage and is located between Woodhull and Jamaica avenues. The closes subway station is at the NE corner of Midland Parkway and Hillside Avenue, providing access to the F line.