Top 5 NYC Multifamily Building Sales—December 2022
PropertyShark compiled the city’s biggest transactions of the month.
Source: PropertyShark, a Yardi Systems Inc. company
Sale Price: $825,000,000
A joint venture between The Orbach Group and Black Spruce Management purchased the 425-unit One East River Place, along with the 234-unit One Sutton Place North at 420-434 E. 61st St. and the 209-unit Two Sutton Place North at 1113 York Ave. Solow Residential sold the three high-rises in Lenox Hill aided by JLL Capital Markets. The new owners also assumed four CMBS loans totaling nearly $450.6 million, which were placed on the properties in 2017 and are currently held by U.S. Bank.
Sale Price: $41,500,000
Lionheart Capital purchased the nine-story building totaling 50 units in Greenwich Village from a private investor. Cerberus Real Estate Capital facilitated the transaction with a financial package totaling $45.3 million. Completed in 1923, the single-building property includes residential units averaging 858 square feet along with 4,117 square feet of office space.
Sale Price: $30,500,000
A private investor sold the 63-unit building in Prospect Heights to FBE Limited. The 1920-built property on the corner of Washington Avenue and St. Johns Place last traded in 2021, when it fetched $22 million. The two-building complex was last renovated in 1982 and offers residential units averaging 796 square feet. Nearby transportation options include the 2 and 3 subway lines at the northwest corner of Washington Avenue and Eastern Parkway.
Sale Price: $20,750,000
Witnick Real Estate Partners acquired the five-story property encompassing 18 units along with the walk-up apartment building at 108 Ninth Ave. totaling 19 units in Chelsea. The buyer secured a $12.9 million acquisition loan originated by the Dime Community Bank for the two structures completed in 1910. The buildings also include a combined 4,800 square feet of retail space.
Sale Price: $15,000,000
ARM Capital Resources Inc. purchased the 84-unit property in Homecrest from a private investor. Webster Bank facilitated the transaction with a $9.1 million acquisition loan. Completed in 1964, the six-story building offers units averaging 880 square feet. Residents have access to the B and Q subway lines as well as the B31 bus, while a playground s just steps away.
