Top 5 NYC Multifamily Sales—July 2020

PropertyShark compiled the top 5 multifamily sales recorded in July 2020 in New York City.
Source: PropertyShark, a Yardi Systems Inc. company
  1. 164-168 W. 75th St., Manhattan
    Sale Price: $37,750,000
164-168 W 75th St., Manhattan

Benchmark Real Estate Group is the owner of the 180-unit property dubbed AMSTRDM, located in the Upper West Side. The 15-story building was constructed in 1922 and features studios and one-bedroom apartments, as well as 6,800 square feet of retail space. Units in the 81,339-square-foot community average 555 square feet. Signature Bank recently originated a $25 million permanent loan on behalf of the owner.

  1. 105-05 69th Ave., Queens
    Sale Price: $26,500,000

BlackRock sold the 112-unit property—also knows as The John Adams—to Nelson Management Group in early July. New York Community Bank financed the transaction with $19.1 million in acquisition funding, which carries a 5.5 percent interest rate and a June 2050 maturity date. Located in Forest Hills, the six-story building features studios and one- to three-bedroom units. Common area amenities include controlled access, laundry facilities and 60 parking spaces.

  1. 162-15 Highland Ave., Queens
    Sale Price: $22,250,000

Parkoff Organization purchased the 105-unit property dubbed Belcrest House from Cammeby’s International in late July. The $63 million portfolio acquisition included two additional properties located in Brooklyn. New York Community Bank provided $15.6 million in acquisition financing for Belcrest House Apartments. Completed in 1962, the seven-story community features studios and one- to three-bedroom units. Amenities include two swimming pools, laundry facilities and 78 parking spaces.

  1. 8700 25th Ave., Brooklyn
    Sale Price: $20,750,000

The 123-unit asset is part of the three-building portfolio Parkoff Organization acquired from Cammeby’s International. New York Community Bank facilitated this transaction with $14 million in acquisition financing, which is scheduled to mature in 2050 and carries a 5.5 percent interest rate. The community known as Chelsea is fully affordable and was constructed in 1963. The unit mix includes one- and two-bedroom apartments, while a playground and laundry facilities are among the common area amenities.

  1. 8635 21st Ave., Brooklyn
    Sale Price: $20,000,000

Known as Fiesta Apartments, the 123-unit property is the third asset purchased as part of Parkoff Organization’s $63 million portfolio deal. New York Community Bank provided acquisition financing for Fiesta as well—the $14 million mortgage carries a 5.5 percent interest and a July 2050 maturity date. The fully affordable community was developed in 1962 and features studios and one- and two-bedroom apartments. Fiesta rises seven stories and includes amenities such as laundry services, controlled access and 53 parking spaces.