Top 5 NYC Multifamily Building Sales—August 2024
A recap of recent major transactions compiled by PropertyShark.
Sale Price: $58.5 million
Thor Equities purchased the 184,411-square-foot multifamily property, also known as The Chocolate Factory, in Brooklyn’s Clinton Hill area, from Fairstead. The property includes 125 Class A residential units with floorplans averaging 2,192 square feet, along with 20,000 square feet of retail space. Prime Finance Partners provided acquisition financing totaling $43 million through two consolidated and amended loans.
Sale Price: $33 million
Ryco Capital acquired the 1920-built, 39,395-square-foot multifamily building at 156 2nd Ave. Multiple entities with different percentages of ownership stakes sold the asset, with most of these related to the Haleguas family, affiliated with Jonis Realty. The East Village asset includes 31 residential units with an average size of 1,006 square feet and was part of Ryco Capital’s larger multifamily acquisition.
Sale Price: $29 million
The company continued its buying spree with three other multifamily buildings at 127, 129 and 131 2nd Ave. in East Village, from the same sellers. The assets include a total of 42,310 square feet of space and 64 residential units. Both acquisitions were part of Ryco Capital’s $132 million portfolio deal that included five other buildings between 8th and 10th streets, TheRealDeal reported.
Sale Price: $26.3 million
Two multifamily properties at 111-115 W. and 148 W. 141st St. in Harlem changed hands from two legal entities to other two legal entities. The seller was Community League of The Heights Inc., that will continue to maintain an ownership stake in the properties, while the new buyer is Joseph Camerata’s Weavecrest Management. The other seller was Monadnock Development. The pair of assets total 89 residential units and 36,935 square feet of space.
Sale Price: $23.6 million
A private individual sold the seven-story, 42,997-square-foot multifamily property to VIP Community Services Inc., that worked in partnership with Better Haven. The property in Bronx’s Wakefield neighborhood was completed in 2023 and includes 63 residential units with an average size of 717 square feet, along with 1,429 square feet of retail space. Manufacturers and Traders Trust Co. originated a $29.6 million loan, with a maturity date set for 2064.
