Top 5 NYC Multifamily Building Sales—April 2022

PropertyShark’s monthly roundup of the city’s biggest deals.

Source: PropertyShark, a Yardi Systems Inc. company

  1. 140 Riverside Blvd., Manhattan
    Sale Price: $265,650,000

140 Riverside Blvd. Image courtesy of CBRE

Equity Residential sold the 354-unit mixed-use tower in Lincoln Square to A&E Real Estate Holdings. CBRE represented the seller in the transaction. Built in 2002, the 26-story building features studios along with one- and two-bedroom floorplans. The property also includes a 2,780-square-foot office space, a retail segment totaling 13,485 square feet and a garage encompassing 11,995 square feet.

  1. 1277 E. 14th St., Brooklyn
    Sale Price: $180,000,000

A joint venture including The Dermot Co., Principal Real Estate Investors and PGGM has acquired The Vitagraph in Midwood. JLL Capital Markets represented the seller, Northlink Capital, in the disposition of the 8-story building totaling 302 units. Signature Bank provided a $108 million financing package for the acquisition. The 2020-built property offers one- to three-bedroom units as well as penthouse apartments with configurations averaging 1,165 square feet.

  1. 22-10 New Haven Ave., Queens
    Sale Price: $45,000,000

The Arker Cos. acquired the fully affordable community totaling 153 units in the Far Rockaway neighborhood. After 45 years of ownership, Mallory Management Corp. sold the six-story building completed in 1962 also known as New Haven Towers. The new owner secured a $26 million acquisition loan originated by Merchants Bank of Indiana. The 180,300-square-foot property includes floorplans averaging 1,178 square feet.

  1. 961 Second Ave., Manhattan
    Sale Price: $41,500,000

Oak B Management Corp. acquired the 16-unit property as well as 847 Second Ave. totaling 82 units in Turtle Bay. The four-story 961 Second Ave. building was completed in 1915 and renovated in 1958, while the 1939-built structure rising six stories was last updated in 1985. To fund the two purchases, the buyer secured a $22 million loan financed by Signature Bank.

  1. 1704 Ocean Ave., Brooklyn
    Sale Price: $37,100,000

Bluejay Management sold The Marc on Ocean Avenue, a 64-unit community in Midwood. Baseline Real Estate Advisors represented the buyer in the transaction, while SP Capital Group worked on behalf of the seller. As part of the deal, the buyer assumed a $27.5 million loan originated by Cross River Bank last December. The mortgage encumbering the seven-story building completed in 2019 has a $27 million outstanding balance.

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