Top 10 NYC Multifamily Sales in March 2016
March 2016 records reveal an active month for NYC multifamily deals. Dive into the data from PropertyShark and discover who the top deal-makers of March were, as well as discovering the premium being put on apartment buildings compared to just a few years ago. 1. 760-774 3rd Avenue, Manhattan Sale Price: $270,000,000 Buyer: 160…
March 2016 records reveal an active month for NYC multifamily deals.
Dive into the data from PropertyShark and discover who the top deal-makers of March were, as well as discovering the premium being put on apartment buildings compared to just a few years ago.
Source: PropertyShark, a Yardi Systems Inc. company
1. 760-774 3rd Avenue, Manhattan
Sale Price: $270,000,000
Buyer: 160 East 48th Street Owner II LLC
Seller: Buchanan Apartments LLC
The biggest deal of the month goes to a joint venture between Madison Realty and USAA Real Estate. The ‘Buchanan’ building houses 299 apartments, as well as office and retail space. Almost 200 of the residential units are market-rate apartments according to coverage by The Real Deal.
2. 229-233 7th Avenue, Manhattan
Sale Price: $211,250,000
Buyer: Gs Chelsea Property Owner, LLC
Seller: Chelsea Commonwealth LLC
The Chelsea combines 18 stories with 195,774 square feet of residential space for modern and stylish apartments, as well as 11,200 square feet of retail space, including a Starbucks. It’s currently managed by Greystar according to the apartment building’s website.
Sale Price: $180,000,000
Buyer: 250 E 63 Realty LLC
Seller: Blair House Properties LLC
Originally built in 1964, this property is conveniently located in Lenox Hill. It is a 21-story multifamily apartment building with over 200,000 square feet of space, and 191 units.
Sale Price: $130,000,000
Buyer: 355 E 72 Realty LLC
Seller: Eastwood Towers Company
This is a 144-unit Lenox Hill apartment building, with one commercial space. The building offers 24-hour doorman service and it is close to multiple transportation options and shops.
5. 246 North 8 Street & 255 North 7 Street, Brooklyn
Sale Price: $125,000,000
Buyer: Gs 247 N7TH Williamsburg Property Owner LLC
Seller: North 7 Aare LP, Hoshen Boys N7/8 LLC, Mp Aare LLC, Shuster N7 LLC, Horizon North 7 LLC
The two properties were previously purchased by Silverstone Property Group for $21.66M in 2012. The firm reportedly planned to build a 170-unit apartment building and full demolition permits were filed.
6. 320-330 East 22nd Street, Manhattan
Sale Price: $87,500,000
Buyer: New York University
Seller: Benchmark 320 L P.
Another monumental NYC real estate flip for 2016. NYU purchased this 94-unit, 67,000-square foot multifamily property from Benchmark Real Estate who acquired it for just $39M in 2012. A statement from the university says the building will be used to “provide housing primarily for trainees and staff” at the NYU School of Medicine.
7. 501-513 Commonwealth Avenue, Bronx
Sale Price: $66,638,816
Buyer: Hp Rosedale Gardens Housing Development Fund Compa
Seller: Academy Gardens LLC, Prb 1 LLC, Sjc 1 LLC
This expansive 8-parcel Bronx deal includes 502, 520-522, 540-542, and 550-552 Rosedale Avenue, and 501-513, 521-523, 539-541, and 549-561 Commonwealth Avenue. The purchase by Joe Gluck spans 470 affordable Section 8 apartments. The Academy Gardens complex was picked up by the seller in 2005 for just $17.3M.
8. 132-140 Greene Street, Manhattan
Sale Price: $38,500,000
Buyer: 138 Greene Retail, LLC
Seller: Premier 138 Greene, LLC
This SoHo apartment building incorporates 49 residential units and 3 commercial spaces. The 6-story, cast-iron building was originally designed by Alfred Zucker in the late 1800s.
9. 730 Riverside Drive, Manhattan
Sale Price: $33,332,513
Buyer: 730 Riverside Associates LLC
Seller: 730 Riverside Drive, LLC
The 64-unit Beaumont Apartments building was slated for designation as a landmark site by the Landmarks Preservation Commission in 2013, despite opposition by the owner. It was originally designed by George & Edward Blum.
10. 80-15 Grenfell Street, Queens
Sale Price: $28,000,000
Buyer: Dale Grenfell LLC
Seller: Mmk Grenfell LLC, Sjm Grenfell LLC, Grenfell Realty Co., LLC
One address of a two-part deal acquired by Benedict Realty Group. The building is located in Kew Gardens and has a total of 128 residential units.
