Top 5 NYC Multifamily Sales—February 2021
- Mar 25, 2021
1. 689 Marcy Ave., Brooklyn
Sale Price: $22,480,000
Brookland Capital sold the 41-unit community also known as Marci to an entity affiliated with TAA Apparel. Well Fargo Bank facilitated the transaction with $14.7 million in acquisition financing. The eight-story building located in Bedford-Stuyvesant was completed in 2015. Brookland Capital took over the project in 2014 for $4.5 million—Marci was constructed on a lot that was once home to a two-story warehouse, demolished in 2012.
2. 80 Rutgers Slip, Manhattan
Sale Price: $14,000,000
The 109-unit community known as Two Bridges Senior Apartments was completed in 1987 and is owned and managed by Two Bridges Neighborhood Council and Settlement Housing Fund. The 10-story building’s unit mix includes studios and one-bedroom apartments. An upcoming project developed by JDS Development Group and SHoP Architects at 247 Cherry St. is expected to deliver comprehensive improvements to 80 Rutgers Slip, including lobby and mechanical system upgrades, laundry rooms on each floor, emergency power and a new community space.
3. 121 E. 37th St., Manhattan
Sale Price: $8,700,000
A private investor sold the 12-unit property in Murray Hill to an entity affiliated with MD Squared Property Group. Built in 1920, the four-story community features six free market apartments and six regulated units. It previously changed hands in 2016 for $7.5 million. Nearby transportation options include the GS/4/5/6/7 subway lines accessible at the SE corner of Park Avenue and 42nd Street, as well as the M101 bus line at the intersection of Lexington Avenue and East 37th Street.
4. 1 Mac Donough St., Brooklyn
Sale Price: $8,250,000
Z+G Property Group sold the eight-unit property following more than five years of ownership. The seller acquired the asset in 2015 for $3.5 million and implemented a capital improvement program that included fully renovating every unit, a complete façade restoration and the construction of two roof decks and basement duplexes. The four-story property is located in Bedford-Stuyvesant and is close to the A-C subway station accessible at the SE corner of Nostrand Avenue and Fulton Street.
5. 408 W. 20th St., Manhattan
Sale Price: $6,800,000
Harry Azorin and Lori Monson sold the four-story Chelsea townhouse in mid-February. The sellers had owned the property since 1995 when they acquired it for $950,000. Built in 1839, the 4,730-square-foot building’s three top floors are configured as a triplex and feature a three-bedroom duplex apartment above. Situated on the historic Cushman Row, the property overlooks the General Theological Seminary.