Top 5 NYC Multifamily Building Sales—February 2022

PropertyShark’s monthly roundup of the city’s biggest deals.

Source: PropertyShark, a Yardi Systems Inc. company

  1. 116 John St., Manhattan
    Sale Price: $247,500,000

Metro Loft Management sold the 416-unit community in the Financial District. The buyer, Silverstein Properties, assumed an existing $130 million loan financed by AIG. The 35-story high-rise was originally built in 1931 as an office tower with an Art Deco design and was converted to residential use in 2011. Floors two to 14 are leased to Sonder, a short-term apartment rental company. The new owner plans to implement a renovation plan, that will include in-unit and common-area upgrades.

  1. 561 10th Ave., Manhattan
    Sale Price: $187,875,000

Fetner Properties finalized the recapitalization of the 417-unit property in Hell’s Kitchen also known as The Victory along with the adjacent six-story building at 500 W. 42nd St. Empire State Realty Trust became the majority owner of the 45-story tower totaling 296,000 square feet. The two-building portfolio also offers a 12,000-square-foot commercial space, currently occupied by CVS though a long-term lease set to expire in 2040.

  1. 354 E. 91st St., Manhattan
    Sale Price: $128,200,000

The Cole. Image courtesy of Stonehenge Partners

A joint venture between Stockbridge Capital Group and Stonehenge Partners acquired the 22-story high-rise and rebranded it as The Cole by Stonehenge. Carmel Partners sold the 163-unit property totaling 164,000 square feet with a nearly 9,000-square-foot retail space on the ground floor. The new owners have capital improvements plans for the 2002-built tower, such as upgrades to the community amenities and updating unit interiors.

  1. 579 Blake Ave., Brooklyn
    Sale Price: $107,500,000

After picking up a nine-building portfolio for $85 million in East Harlem, Camber Property Group purchased the 260-unit complex in East New York. Omni New York sold the fully affordable four-building community known as Remeeder Houses, that also includes 350 Sheffield Ave. The buyer funded the acquisition with a financing package totaling $90 million originated by Merchants Bank of Indiana. Built in mid-1970s the six-story complex includes a 2,550-square-foot retail space.

  1. 345 E. 94th St., Manhattan
    Sale Price: $88,425,000

Fetner Properties rounds out the list with the disposition of The Chesapeake, a 29-story residential tower encompassing 208 units in Yorkville along with the garage structure at 1827 First Ave. While, the buyer remained the same, Empire State Realty Trust, and Fetner Properties keeps a 10 percent interest stake in the community, just as in the recapitalization of The Victory, the sale documents for the two transactions were registered on different days.

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