Top 5 NYC Multifamily Sales—December 2020
- Jan 21, 2021
- 1 Christopher St., Manhattan
Sale Price: $92,600,000
A private investor sold the 125-unit property to an entity affiliated with Koeppel Cos. for $740,800 per unit. Located in the West Village, the 16-story building was completed in 1931. Apartment layouts include studios and one-bedroom units, with private balcony or patios and fireplaces available in select apartments. Amenities include controlled access and laundry facilities. The property also includes 7,450 square feet of retail space.
- 350 St Ann’s Ave., Bronx
Sale Price: $64,000,000
Omni New York sold the 190-unit Low-Income Housing Tax Credit property to Jonathan Rose Cos. Merchants Capital provided $53.4 million in acquisition financing to facilitate the transaction, which is part of a $525 million impact acquisition fund Jonathan Rose Cos. closed in October. The fund’s primary focus is purchasing and preserving affordable multifamily housing as well as reducing operating costs and environmental impacts. The eight-story building features one- to three-bedroom apartments.
- 242 Bradhurst Ave., Manhattan
Sale Price: $26,157,610
Schreiber Realty sold a three-building Harlem portfolio totaling 136 units to Black Spruce. The transaction included the 35-unit 242 Bradhurst Ave., the 47-unit 242 Bradhurst Ave. and the 54-unit 303 W. 154th St. Apartments. The new owner secured $30.4 million in acquisition financing from New York Community Bank. The properties located at Bradhurst Avenue feature a unit mix of studios and one- to three-bedroom apartments, while the West 154th Street community features studios and one-bedroom units.
- 5 W. 91st St., Manhattan
Sale Price: $20,000,000
An entity connected to Rich International Inc. sold the 48-unit building to May Realty Group. The buyer secured $10 million in acquisition funding from Berkadia. Located in the Upper West Side, between Central Park West and Columbus Avenue, the six-story property came online in 1972. Apartments feature one- to three-bedroom layouts, and community amenities include on-site laundry facilities, a rear yard and a renovated lobby. The 86th and 96th Street subway is a short walk away along Central Park West.
- 1010 Bedford Ave., Brooklyn
Sale Price: $15,980,000
All Year Management sold the 36-unit Bedford-Stuyvesant building along with a 6,690-square-foot industrial building located at 120 Evergreen Ave. in Bushwick. The apartment building is an adaptive reuse project—the former Evangelical Church sold to a developer in 2008 for $4.1 million and was later converted into a 72,613-square-foot residential property, which also includes 17,680 square feet of commercial space.