Top 5 NYC Multifamily Sales—October 2020
- Nov 20, 2020
- 305 E. 61st St., Manhattan
Sale Price: $51,406,054
Carter Management Corp. acquired the condo conversion project through a bankruptcy auction from a Mitchell Marks-led partnership. The new owner secured $30 million in acquisition financing from SKW Funding. The sellers purchased the former art storage facility for $40 million in 2016. The 65,000-square-foot development is nearing completion and includes 14 residential units and a 14,800-square-foot commercial component.
- 10 Lexington Ave., Brooklyn
Sale Price: $46,300,000
Bruman Realty sold the Clinton Hill property to an entity affiliated with KKR. Newmark provided $26.2 million in acquisition financing on behalf of the new owner. Completed in 2015, the community features 81 units across 55,341 square feet. The unit mix includes one- to three-bedroom floorplans and residents have access to amenities such as a fitness center, bike storage, communal workspace, lounges with billiards and outdoor space, rooftop access, laundry room and on-site parking.
- 75 Ralph Ave., Brooklyn
Sale Price: $30,600,000
In a separate transaction but part of the same portfolio deal, Bruman Realty sold the 57-unit Bedford-Stuyvesant to KKR. Replacing a strip-mall-style laundromat with a large parking lot, the property came online in 2016. Spanning six floors and 43,680 square feet, the community features a unit mix of one- to three-bedroom floorplans. Amenities include a lounge/gaming room, fitness center, laundry room, bike and car parking, cinema room and landscaped and furnished roof deck.
- 180 W. 81st St., Manhattan
Sale Price: $17,000,000
The 15-unit Upper West Side property changed hands after more than 40 years under family ownership. First Republic Bank facilitated the transaction by providing $7.5 million in acquisition financing. Spanning 21,568 square feet, the building was developed in 1900 and underwent capital improvements in 2012. The mixed-use asset includes 12 apartments and three commercial units, with one of the three vacant at the time of sale and the other two occupied by the Haru Sushi and Spice restaurants.
- 62-66 W. Tremont Ave., Bronx
Sale Price: $16,794,572
The Belmont Arthur Avenue Local Development Corp. secured financing as part of a $22 million project aimed at outfitting the 90-unit property to provide affordable senior housing. The developer partnered with the Local Initiatives Support Corp., which provided a $8 million financing package—a $5.6 million building loan and a $2.4 million subordinated project loan. The six-story building came online in 1926 and underwent alterations in 1999. Spanning 97,500 square feet, the property includes a 4,000-square-foot retail component.