Top 5 NYC Multifamily Building Sales—February 2023

PropertyShark compiled the city’s biggest transactions of the month.

Source: PropertyShark, a Yardi Systems Inc. company

Source: PropertyShark, a Yardi Systems Inc. company

  1. 50 N. First St., Brooklyn

Sale Price: $34,926,000

Kushner Cos. sold the 46-unit property in Williamsburg to Reda Holdings. TerraCRG and Rosewood Realty brokered the sale, while Amalgamated Bank provided a $23 million acquisition loan. The seven-story building last traded in early 2014, when the seller paid $33.5 million for the asset. Built in 2008, the mid-rise offers units averaging 1,059 square feet and includes a 3,000 square-foot garage.

Sale Price: $14,120,000

A private investor purchased the development site as well as 25-16 37th Ave. in Long Island City out of bankruptcy. Previous plans for the site called for a six-story building encompassing 41 condominiums along with 12,800 square feet of retail space. D.A. Development Group and JBL Development expected to complete The Smyth by fall 2018, which was later pushed to spring 2020.

Sale Price: $11,700,000

After a 25-year ownership a private investor sold the four-story property totaling six units in West Village. Originally built in 1910, the walk up was last altered in 2009. Nearby transportation options include the A, C, E and L subway lines at the corner of Eighth Avenue and 14th Street along with the M11 bus route at the intersection of Bethune and Greenwich Streets.

Sale Price: $8,250,000

A private investor acquired the four-unit property in Upper West Side, which last traded in early 2000. Built in 1888 the building includes units averaging 1,591 square feet. Residents have easy access to the 1 train at the southeast corner of Broadway and 79th Street, while the M7 is accessible near the intersection of Columbus Avenue and W. 78 Street.

Sale Price: $8,100,000

Madison Realty Capital sold the four-unit building along with the five-unit 323 Court St. in Carroll Gardens to JSAF Capital. The buyer financed the purchase with a $7.2 million loan originated by Colorado Federal Savings Bank. Built in 1931, the three-story buildings last traded in 2011 for $2.6 million. The two adjacent building also offer a combined 2,305 square feet of retail space.

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