Top 5 NYC Multifamily Building Sales—January 2022

Source: PropertyShark, a Yardi Systems Inc. company

1. 80-08 135th St., Queens
   Sale Price: $87,200,000

A partnership between Black Spruce Management and NYC Housing Partnership has acquired the Briarwood portfolio, that also includes 81-10 135th St., with a combined 382 units. The seller, The Musso Group, purchased the two 1949-built buildings dubbed The Allison in 2009 for $28 million and in 2020 expanded the complex with two other buildings known as The Noll & Grove Apartments. Signature Bank originated a $72 million financing package for the acquisition.

2. 143 Roebling St., Brooklyn
   Sale Price: $82,722,728

RedSky Capital sold the five-story property totaling 49 units in Williamsburg to Calmwater Capital. The 104,661-square-foot building was originally built in 1907 and underwent alterations in 2011. The property features residential floorplans averaging 1,780 square feet along with a 11,943-square-foot office element and retail space encompassing 5,500 square feet.

3. 1481 Second Ave., Manhattan
   Sale Price: $72,600,000

Sky Management Corp. sold the vacant two-property portfolio in Lenox Hill–that also includes 251 E. 77th St.–through a transaction facilitated by JLL, according to Commercial Observer. The buyer, Naftali Group, secured a $47.8 million senior loan, a $5.3 million project loan along with a $1.9 million building loan originated by CIT Bank. The duo features a roughly 153,734-square-foot buildable area, that can be increased through the inclusionary housing bonus program.

4. 4001 Broadway, Manhattan
   Sale Price: $51,000,000

4001 Broadway, Manhattan

Elysee Investment Co. has acquired the 42-unit property in Washington Heights along with the 16-unit 1121 First Ave. in Lenox Hill and the 11-unit 318 W. 75th St. in Upper West Side from Sirkin Realty Corp. Bank of America facilitated the three-property portfolio acquisition with a $34 million loan. The six-story community in Washington Heights includes 7 commercial units totaling 11,283 square feet, while of the two five-story properties only 1121 First Ave. includes a 1,500-square-foot retail space.

5. 305 E. 61st St., Manhattan
   Sale Price: $35,000,000

Carter Management Corp. sold the redevelopment project in Upper East Side to Forkosh Development Group. The condominium will include 36 units, a 8,180-square-foot retail component on the ground floor as well as the mezzanine. Battery Park Group arranged pre-development financing for the developer, a $26.5 million loan funded by Madison Realty Capital. Recently, the lender also originated a $106 million construction loan for a 133-unit mixed-use project in the city.