Top 10 NYC Multifamily Sales in May 2016

Check out the latest data from Property Shark and discover the priciest multifamily apartment deals in NYC recorded in May 2016. Find out the one borough which managed to put up a fight against Manhattan, who some of the top deal makers were, and what the kings of New York real estate are buying up now.

 

1.

Sale Price: $75,400,000

Buyer: US-Dev Associates II LLC

Seller: 85 East 10th and 112-120 East 11th Street LLC

Part of a larger $127M deal which incorporates 6 East Village buildings, this property is slated for new development. New owners, Lightstone, are expected to revamp the space as an 85,000 square foot, 300-bedroom hotel. The group is currently in the process of investing $1B in 4 Marriot ‘Moxy’ hotels. Financing came from Goldman Sachs.

 

2. 168 Franklin Ave, Brooklyn

Sale Price: $66,500,000

Buyer: MD CBD 180 Franklin LLC

Seller: 168 Franklin Holdings LLC

This newly completed Bed Stuy apartment building boasts 118 units across 80,000 square feet. It is the only deal on this list that is not in Manhattan. The property was previously acquired as a vacant lot for just $8.5M in 2011.

 

3. 51 Irving Place, Manhattan

Sale Price: $55,500,000

Buyer: Irving Fifty One LLC, SP Irving Owner LLC

Seller: Delorenzo House LLC

Finally closed for around $7M less than the original asking price, this Gramercy Park building was the last NYC holding of the Rumpel Family. The mixed-use property includes 56 apartments of which 40 are market rate, as well as several retail spaces, an office, and a stand-alone townhouse. The brick building could get a makeover by the new owners who also have 5,000 square feet of air rights that could be tapped for expansion.

 

4. 1104 Lexington Ave & 138 East 78 Street, Manhattan

Sale Price: $52,600,000

Buyer: 1104 LEX LLC

Seller: Article Third Trust Uwo Marie, James Heywood, Co-Trustee, John F Mcgrane, Co-Trustee

These two Lenox Hill – Upper East Side apartment buildings combine 20 residential units, and 11 commercial units. Approximately half of the pre-war apartment units are rent stabilized. Retail accounts for around one quarter of the total space, at 10,000 square feet.

 

5. 885-889 10^th Avenue, Manhattan

Sale Price: $47,500,000

Buyer: 885-889 10th Avenue LLC

Seller: Benchmark 885 LP

7-story, 38-unit Hell’s Kitchen multifamily apartment building with 3 commercial units. Close to Terminal 5<,> the Lincoln Center for the Performing Arts, and David H Koch Theater.

 

6. 60 East 12^th Street, Manhattan

Sale Price: $35,000,000

Buyer: 60 East 12th Street New Fee, LLC

Seller: Burton, Rebecca F Ethel Goldstein Irrevocable Trust UA 62300

East Village multifamily building close to Webster Hall and Union Square, between 4^th Ave. and Broadway. Marketed as a luxury doorman apartment building, with a 100 out of 100 WalkScore.

 

7. 210 West 10th Street, Manhattan

Sale Price: $31,000,000

Buyer: West 10th Townhouse LLC

Seller: 21 West 10th LLC

West Village – Meat Packing District luxury multifamily building with 4 stories and 10 residential units on a leafy street.

 

8. 207 West 110 Street, Manhattan

Sale Price: $28,435,435

Buyer: 207-217 West 110 Portfolio Owner LLC

Seller: 207 Realty Associates LLC

One building in a two<->part Central Park North deal acquired by Fairstead for a combined $48M. The group<,> which now owns around $2.5B worth of rental units, is known for its value-add acquisitions.

 

9. 317 & 319 West 35^th Street, Manhattan

Sale Price: $28,000,000

Buyer: H 317-319 LLC

Seller: M317-319 Realty LLC

Mayflower Business Group picked up this multifamily duo with plans to tear the two 5-story properties down and redevelop. New York YIMBY suggests the developer could purchase another 10,000 square feet in air rights and take the new building higher. These units were previously embroiled in a foreclosure battle between a developer and Bank of Smithtown in which the previous owner filed for bankruptcy protection.

 

10. 701 West 179^th Street, Manhattan

Sale Price: $27,200,000

Buyer: 4221 Broadway Owner LLC

Seller: 701 Amifra, LLC; 701 B, LLC; 701 West Associates, LP; Mbs Holdings V, LLC.

Combining 50 residential units and 7 commercial units, this Washington Heights apartment building continues the trend we saw in gobbling up income properties in this area earlier this year.

 

Summary

The above data certainly shows a NYC property market that is flush with capital and eager to invest it in redeveloping multifamily properties which have been off the market for decades. There continues to be a significant appetite for package and value add deals, with Manhattan being the recipient of the bulk of the cash flowing into real estate in May 2016.