Top 5 NYC Multifamily Sales—January 2021
- Feb 26, 2021
- 265 Cherry St., Manhattan
Sale Price: $423,957,600
CIM Group and L+M Development Partners sold the two-building property to the Related Cos. in a transaction that will likely be one of the largest of the year in New York City. The affordable housing communities encompass 490 units across 450,560 square feet, with a unit mix of one- to three-bedroom apartments and amenities including a community room, convenience store and outdoor courtyards with playgrounds. After buying the property in 2013, CIM and L+M voluntarily entered into a 40-year regulatory agreement to preserve the community as affordable housing, which will be maintained by Related.
- 1600 Sedgwick Ave., Bronx
Sale Price: $115,000,000
Treetop Development sold the two-building Riverview Apartments to an affiliate of Hudson Valley Property Group. Completed in 1972, the Morris Heights affordable housing complex encompasses 383 subsidized apartments and features amenities including on-site laundry facilities, a computer room, playground, community room and indoor parking. The 25-story buildings are located on a 2.3-acre site adjacent to the East River.
- 10 W. 74th St., Manhattan
Sale Price: $29,200,000
A stakeholder sold an interest in the 86-unit Lincoln Square property, which has been under Elk Investors’ ownership since 2009, when BlackRock sold the asset for $38 million. Built in 1041, the 10-story community features studios, one- to three-bedroom apartments and penthouse units. Amenities include a full-time doorman, porter staff and on-site laundry facilities. The Central Park West & 72nd Street subway station is less than a mile away.
- 8 Montague Terrace, Brooklyn
Sale Price: $25,500,000
The sale of the five-story Brooklyn Heights mansion marks a new record for the most expensive home ever sold in the borough. The seller, Vincent Viola, had owned the property since 2008, having paid $8 million for the 1875-era building and converting the multifamily rental into a single-family property. The 11,580-square-foot brownstone is near transportation options including the station at the NW corner of Clinton & Montague streets.
- 140 W. Fourth St., Manhattan
Rudd Realty sold the mixed-use building along with the adjacent property at 142 W Fourth St. to Willowick Properties. Metropolitan Bank facilitated the transaction with $11.8 million in acquisition financing. Each Greenwich Village asset features 16,686 square feet and 24 units, including 2,600 square feet of ground-floor commercial space. Nearby transportation options include the A/B/C/D/E/F/M lines on the NE corner of Sixth Avenue & West Third Street.