Top 5 NYC Multifamily Building Sales—August 2022
PropertyShark compiled the city’s biggest transactions of the month.
Source: PropertyShark, a Yardi Systems Inc. company
Sale Price: $415,000,000
Image courtesy of CBRE
A&E Real Estate acquired the 455-unit luxury property in Lincoln Square, which last traded for $329.8 million in late-2005. Equity Residential sold the asset overlooking the Hudson River in a transaction arranged by CBRE. The buyer secured a $285.8 million acquisition loan originated by Square Mile Capital. Besides units averaging 998 square feet, the property includes 3,957 square feet of office space, as well as more than 17,050 square feet of retail space.
Sale Price: $84,858,738
LIHC Investment Group became the sole owner of the unit part of the 167-unit La Cabana Houses in Williamsburg along with the adjacent properties at 417 Lorimer St. and 16 Ten Eyck St. with 48 units each. FBE Limited and Cammeby’s International sold their ownership stake in the three-story buildings built in 1984. The building offers convenient access to the G subway line at the corner of Broadway and Union Ave.
Sale Price: $76,775,000
HUBB NYC Properties purchased the 96-unit property in Williamsburg from its developer Adam America Real Estate. First Republic Bank facilitated the sale with a $38.3 million acquisition loan. Designed by Aufgang Architects and completed in 2015, the six-story building offers studios and up to four-bedroom units with floorplans averaging 713 square feet as well as 1,750 square feet of retail space.
Sale Price: $25,500,000
Meadow Partners acquired the 4-unit building in East Village as well as the 6-unit 165 First Ave. and 8-unit 167 First Ave. Citi Urban Management was the seller of the three assets with a combined 6,686 square feet of retail space. Nearby transportation options include the L subway line at the corner of First Ave. and 14th St. along with the M8 bus route at the intersection of First Ave. and E. 9th St.
Sale Price: $18,500,000
Meadow Partners also purchased this walk-up apartment building with 24 units in East Village from Davean Holdings. The buyer secured a $72 million financing package funded by Fortress Investment Group, which encumbers the five-story complex as well as the three buildings along First Avenue and the 10-unit 47 St Marks Place. The notes are set to mature in July 2025.
