Top 10 NYC Multifamily Sales in February 2016
February’s recorded sales show a strong demand for multifamily apartment buildings in New York. Manhattan led the pack, with multiple package deals that could promise exciting new redevelopments. Brooklyn, Queens and even the Bronx make appearances, too. Check out the most expensive transactions, and the latest data from PropertyShark. 1. 420-423 E. 54 St.,…
February’s recorded sales show a strong demand for multifamily apartment buildings in New York. Manhattan led the pack, with multiple package deals that could promise exciting new redevelopments. Brooklyn, Queens and even the Bronx make appearances, too. Check out the most expensive transactions, and the latest data from PropertyShark.
Source: PropertyShark, a Yardi Systems Inc. company
1. 420-423 E. 54 St., Manhattan
Sale Price: $390,000,000
Buyer: River Tower Owner, LLC
Seller: EQR-River Tower A, LLC
East Midtown’s RiverTower building tops February’s recorded sales at a healthy $390M. While it sold at significantly less than was predicted by The Real Deal, Sam Zell’s Equity Residential was rumored to be selling this water-view building with 323 residential units as a condo conversion. New building permits were pulled in October 2015, suggesting that the conversion may still happen.
Sale Price: $173,000,000
Buyer: 377 Acquisition Company 1 LLC, 377 Acquisition Company 2 LLC, RS Commercial Eat LLC, SPI Commercial Eat LLC
Seller: Archstone Multifamily Partners AC LP
This was one of no fewer than six deals on East 33rd Street recorded last month! This Kips Bay apartment building boasts 209 residential units and three commercial spaces. Walk Score ranks the location as a paradise for walkers and bikers.
3. 110-112 Green St., Brooklyn
Sale Price: $103,500,000
Buyer: WWG GREEN LLC
Seller: 110 Green Street Venture Owner LLC
This stunning Greenpoint building offers 130 luxury one-, two- and three-bedroom rental apartments, plus an indoor pool, concierge and rooftop deck. Active rental listings in March 2016 showed prices ranging from $3,092 to $5,532 per month.
4. 471, 472, 473, and 475 Central Park West, Manhattan
Sale Price: $65,000,000
Buyer: 471-476 Central Park West Property Owner, LLC
Seller: Darling Realty LLC, Natasha Realty Associates LLC, Shambala Realty LLC
This package deal gives the new buyer 125 apartment units and more than 90,000 feet of developable space right on Central Park West. The new owners, Sugar Hill Partners, have yet to announce plans for the mostly rent-controlled building.
5. 14220 Franklin Ave., Queens
Sale Price: $43,000,000
Buyer: Fairmont 88 LLC
Seller: Horn Franklin LLC
This is Queens’ only appearance on this top 10 list for February 2016. The building, 14220 Franklin, is home to 145 units in Downtown Flushing.
6. 3060-3070 Broadway, Manhattan
Sale Price: $35,250,000
Buyer: 3060 Broadway Property LLC
Seller: The Jewish Theological Seminary of America
The new owner of this multifamily property picked up 36 residential units and five commercial units in Manhattan’s active Morningside Heights neighborhood.
7. 1511-1521 Sheridan Ave., Bronx
Sale Price: $34,718,000
Buyer: 1521 Sheridan LLC
Seller: BSP Sheridan LLC
After years of trouble, 1511 Sheridan Ave. has just been flipped again, this time for a tidy $11 million profit, according to The Real Deal. Having racked up more than 200 violations and falling into foreclosure, the apartment building was transferred as part of a $58 million package deal in 2015. Now Black Spruce has turned this multifamily property over to Benzion Kohn.
8. 243, 244, 247-249, 333, and 335 E. 33 St., Manhattan
Sale Price: $29,000,000
Buyer: Bolanos Properties LLC
Seller: KBP Funding Corp.
Sold for a $9 million markup after just three years, this Kips Bay portfolio of five multifamily buildings just went to the Bolanos family. The buildings house 65 apartments and two commercial units. Both the Bolanos family and seller Bridgeton Holdings reportedly used 1031 exchanges in the deal.
9. 323-355 W. 96 St., Manhattan
Sale Price: $27,000,000
Buyer: Beacon NY LLC
Seller: Igel, Anthony,The Igel Family 1991 Trust,Igel, George, Kingson, Eric
This Upper West Side property has 172 residential apartments and one commercial unit.
10. 1302 Newkirk Ave., Brooklyn
Sale Price: $25,000,000
Buyer: 1302 Newkirk LLC
Seller: Maxtor Realty Corporation
The last property to make this list is this six-story Ditmas Park apartment building, with 90 units and more than 95,000 square feet of floor space. It is one of two New York City buildings on this list that have changed hands for the first time in more than 60 years.
