Top 5 NYC Multifamily Building Sales—December 2024
A roundup of recent major transactions put together by PropertyShark.
Sale Price: $27.4 million
Astral Weeks purchased the 18,681-square-foot multifamily property in the borough’s TriBeCa neighborhood from a private seller. The buyer secured a $19 million acquisition loan from Urban Standard Capital. The pair of five-story buildings came online in 1935 and were last upgraded in 2006. The asset includes 10 residential units with an average unit size of 1,217 square feet, a 1,225-square-foot office component and 5,285 square feet of retail space.
Sale Price: $16.3 million
The Sabet Group picked up the 44-unit multifamily building in Gramercy Park from Abro Management Corp. Citizens Bank originated an approximately $9.3 million acquisition loan. Totaling 29,796 square feet, the property rises six stories and includes an average unit size of 677 square feet. It dates back to 1910 and is close to multiple bus stops as well as to subway stations, allowing easy access to Midtown Manhattan.
Sale Price: $15.1 million
The Mann Group has acquired the 34,395-square-foot multifamily building in Brooklyn’s Vinegar Hill neighborhood from Pinnacle Group. The buyer secured a $11.7 million acquisition loan from W. Financial Fund. The seven-story building includes 33 residential units, with an average unit size of 909 square feet and was completed in 2008. The asset last traded in 2015, when Pinnacle Group paid $20 million to seller Praedium Group.
Sale Price $11.8 million
A private investor acquired the five-story multifamily building from multiple entities affiliated with Kings Capital. Berkadia Commercial Mortgage provided a $8.5 million acquisition loan on behalf of the buyer. The property last changed hand in 2022, when Kings Capital paid $4.7 million to seller Chestnut Holdings. Since then, Kings Capital substantially renovated the property, according to Meridian Capital Group, which negotiated on behalf of the company.
Totaling 9,900 square feet, the multifamily asset dates back to 1920 and includes 20 residential units, with an average unit size of 495 square feet, and 5,221 square feet of unused air rights.
Sale Price: $10.7 million
Totaling 58,150 square feet, the three-building multifamily portfolio was acquired by Clairmont Group from Trion Real Estate Management. All three five-stories buildings date back to 1906 and include a total of 37 residential units and 5,100 square feet of retail space.
The properties were part of a bigger portfolio deal that closed between the two companies, totaling $15.8 million and included two other buildings on the same street. Clairmont Group secured $11.3 million from Citi Real Estate Funding Inc., through an amended and consolidated agreement backed by all five properties.
—Posted on January 27, 2025
