Top 5 NYC Multifamily Building Sales—December 2021
PropertyShark’s monthly roundup of the city’s biggest deals.
- 1965 Lafayette Ave., Bronx
Sale Price: $43,000,000
Ariel Property Advisors has brokered the recapitalization of the 353-unit community in the Castle Hill neighborhood, that kept non-profit NYC Housing Partnership Development Corp. as part of the ownership group. Santander Bank facilitated the sale of the 21-story community with a $32.3 million acquisition loan backed by Fannie Mae. The 400,932-square-foot property was completed in 1969 and features floorplans averaging 1,117 square feet.
- 215 W. 101st St., Manhattan
Sale Price: $36,000,000
A private investor sold an 80 percent interest stake in the 81-unit community in the borough’s Upper West Side. The new majority owner, Black Spruce, funded the purchase with a $36 million acquisition financing package originated by New York Community Bank. Completed in 1907, the 10-story community underwent renovations in 1984 and features a 5,250-square-foot retail component.
- 138 E. 38th St., Manhattan
Sale Price: $32,750,000
JLL Capital Markets represented Bi-Coastal Properties in the disposition of Tatham House totaling 81 units in the Murray Hill neighborhood of Manhattan. Four Winds Real Estate acquired the property through a 99-year ground lease held by iStar, that is set to expire in late 2120. JLL worked on behalf of the tenant to secure an $11.8 leasehold acquisition loan, a $3.7 million leasehold building loan and a $1 million leasehold project loan provided by Ready Capital.
- 35-64 84th St., Queens
Sale Price: $32,500,000
A&E Real Estate Holdings acquired the 110-unit property in Jackson Heights. The new owner secured a $22 million loan originated by Signautre Bank for the purchase. The 1933-built building features residential units averaging 980 square feet and 12 commercial units with a combined 11,000 square feet. Residents of the property can reach the 7 subway line at the NE corner of 82nd Street and Roosevelt Avenue.
- 160 E. 103rd St., Manhattan
Sale Price: $24,000,000
Sharp Management Corp. sold the East Harlem asset totaling 60 units. Citibank provided $16.8 million in acquisition financing for L+M Development Partners and Settlement Housing Fund Inc. While the 65,019-square-foot property was originally developed in 1920, it underwent alterations in 1985. The six-story community is within 0.3 miles of the 6 subway line located at the SE corner of Lexington Avenue and 103rd Street.