Top 5 NYC Multifamily Building Sales—March 2022

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

Source: PropertyShark, a Yardi Systems Inc. company

  1. 616-626 First Ave., Manhattan
    Sale Price: $837,000,000

American Copper Buildings. Image courtesy of SEFAR Architecture

JDS Development Group sold the SHoP Architects-designed American Copper Buildings in the Murray Hill neighborhood to Black Spruce. The new owner secured a nearly $611.5 million acquisition loan originated by JPMorgan Chase for the 761-unit two-building property. Built in 2018, the 41- and 48-story copper-clad towers are connected by a skybridge, which features a lap pool, lounge, bar and catering kitchen among the many other amenities across the property such as the landscaped plaza or rooftop.

  1. 2481 Broadway, Manhattan
    Sale Price: $60,000,000

Biju Realty completed the all-cash sale of the 86-unit community in Upper West Side also known as The Roxborough with the alternate address of 251 W. 92nd St. Designed by Neville & Bagge, the 12-story property was completed in 1925. The pet friendly community features floorplans ranging from one- up to five-bedrooms with configurations averaging 1,310 square feet.

  1. 312-316 E.30th St., Manhattan
    Sale Price: $55,250,000

BEB Capital acquired Ivy 30, a community totaling 67 units in Kips Bay from AD Real Estate Investors along with two parcels. Collaborative Group NYC’s Andrew Natter and Harold Fuchs represented the seller, while BEB Capital opted for in-house representation headed by Lee Brodsky, Keyvan Ghaytanchi and Ben Fischer. Signature Bank facilitated the transaction with a financing package totaling $35 million.

  1. 260-298 Grand Concourse, Bronx
    Sale Price: $50,000,000

Haven Capital acquired the 215-unit property encompassing 130,000 square feet in Mott Haven from GC Capital Group LLC. The transaction is part of a sale-leaseback deal arranged by a Meridian Capital Group team, which included Helen Hwang, Brian Szczapa, Karen Wiedenmann, Yasmin Kheradpey and Isaac Filler. Haven Capital signed a 99-year ground lease agreement with the seller.

  1. 39 E. 72nd St., Manhattan
    Sale Price: $32,200,000

A private investor sold the landmark property with a Neo-Greco style also known as the Vanderbilt Mansion in Lenox Hill. The property previously traded in 2014 for $19 million. In 2016, Madison Realty Capital provided a $30 million mortgage to redevelop the 5-story structure into a 7-story building with three residential condominium units totaling 18,412 square feet.

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