Top 5 NYC Multifamily Sales—May 2020

PropertyShark compiled the top 5 multifamily sales recorded in May 2020 in New York City.
Source: PropertyShark, a Yardi Systems Inc. company
  1. 221-225 Linden Blvd., Brooklyn
    Sale Price: $30,644,330
221 Linden Blvd., Brooklyn

Camber Property Group and Belveron Partners acquired the 145-unit Flatbush community from Coltown Properties as part of a $90 million, eight-building portfolio deal. Merchants Bank of Indiana provided $65.6 million in acquisition financing to facilitate the transaction. Completed in 1927, the property’s unit mix features one- to four-bedroom apartments and it is the largest community in the portfolio. The partnership teamed up with the New York City Department of Housing Preservation and Development to convert the portfolio to affordable housing.

  1. 305-311 W. 99th St., Manhattan
    Sale Price: $18,500,000

Sharon Realty sold the 46-unit property to a Manhattan-based entity in a portfolio deal with the 34-unit community located at 317-319 W. 99th St. The $10 million acquisition financing that facilitated the transaction carries a 5.5 percent interest rate and a May 2050 maturity date. The eight-story Upper West Side communities were completed in 1920 and features market rate and rent-controlled apartments. Nearby transportation options include access to the 1-2-3 subway lines at the N corner of Broadway and 95th Street.

  1. 280 E. 21st St., Brooklyn
    Sale Price: $14,582,474

The 68-unit community is part of Camber Property Group and Belveron Partners’ $90 million portfolio deal, which encompasses a total 385 apartments. The Flatbush property located at 280 E. 21st St. was completed in 1924 and features 67 rent-controlled units and one market-rate apartment. The eight-story building previously changed hands in 2013 in a $77 million portfolio deal.

  1. 23 Catherine St., Manhattan
    Sale Price: $14,000,000

The six-story apartment building, featuring 15 residential and two commercial units, changed hands in a portfolio transaction with the adjacent, five-story community located at 21 Catherine St. The second property encompasses 15 residential units and one commercial unit. R.A. Cohen & Associates sold the portfolio to Conway Capital, while New York Community Bank provided $10.5 million in acquisition financing to facilitate the deal.

  1. 3 E. 63rd St., Manhattan
    Sale Price: $11,500,000

The four-story building, completed in 1988, features 11 residential units across roughly 9,500 square feet. The new owner acquired the Lenox Hill property in an all-cash transaction. The property previously changed hands on 2001. The community’s location provides residents convenient access to the N-Q-R subway lines at the NW corner of Fifth Avenue & 60th Street, as well as the M2 bus line at the intersection of 5 Avenue and East 63 Street.