Top 5 NYC Multifamily Sales—September 2020
- Oct 26, 2020
- 400 E. 58th St., Manhattan
Sale Price: $62,000,000
SL Green Realty sold the 125-unit community, also known as Stonehenge 58, to A&E Real Estate Holdings for $496,000 per unit. Signature Bank provided $43 million in acquisition financing. Completed in 1929, the 16-story property includes 4,206 square feet of retail space. Controlled access, a doorman and controlled access are among the community amenities, while certain apartments also feature a fireplace. SL Green had owned the asset since 2012, when it changed hands for $18.5 million.
- 360 Union St., Brooklyn
Sale Price: $9,000,000
An entity affiliated with Meridian Properties acquired the 16-unit community located at 360 Union St. in a portfolio with the adjacent, 20-unit apartment building located at 356-358 Union St. Dime Community Bank facilitated the transaction with $6.3 million in acquisition financing, which carries a 5.5 percent interest rate and is scheduled to mature in August 2050. The properties are close to transportation options including the F-G subway line at the NE corner of Smith and President streets.
- 520 W. 136 St., Manhattan
Sale Price: $8,425,000
City Skyline Realty purchased the 36-unit property in Harlem with help from a $6.3 million acquisition financing originated by Signature Bank. Terms of the permanent mortgage include a 5.5 percent interest rate and an August 2050 maturity date. The six-story building encompasses 22 market-rate and 16 rent-regulated apartments. The seller had owned the community since 2006, when the property traded for $2.9 million.
- 27 W. 69th St., Manhattan
Sale Price: $6,060,000
The seven-unit townhouse in Lincoln Square changed hands with assistance from a $4.3 million loan provided by New York Community Bank. The acquisition financing includes a 5.7 percent interest rate and is scheduled for maturity in August 2050. Completed in 1910 and upgraded in 1963, the converted property features five market-rate and two rent-controlled apartments. Residents have access to the nearby B-C subway line at the SW corner of Central Park West and 70th Street.
- 1480 Amsterdam Ave., Manhattan
Sale Price: $5,925,000
City Skyline Realty acquired the Harlem community in a separate transaction, which was also financed by Signature Bank. The $4.3 million permanent loan carries a 5.67 interest rate and is scheduled to mature in August 2050. The seller had owned the asset since 2001. Completed in 1905, the six-story walk-up apartment building underwent upgrades in 1987 and includes 22 market-rate, 11 rent-controlled and eight commercial units.