Top 5 NYC Multifamily Building Sales—May 2022

Source: PropertyShark, a Yardi Systems Inc. company

1. 2521 Broadway, Manhattan
   Sale Price: $266,000,000

Korean-based Eugene Asset Management acquired the 285-unit Lyric, which sprawls across the adjacent parcel at 2527 Broadway as well. The Related Cos. sold the 2001-built Class A tower in the Upper West Side, meanwhile Wells Fargo Bank provided a $172.9 million acquisition loan, backed by Fannie Mae. The property includes studios and one- to three-bedroom units with floorplans up to 1,400 square feet.

2. 56 Seventh Ave., Manhattan
   Sale Price: $102,000,000

BlackRock sold Candela Tower, a property totaling 162 units in West Village to Midwood Investment and Development. Cushman & Wakefield represented the seller in the transaction. To finance the purchase of the 20-story high-rise, the buyer secured a $63.5 million mortgage originated by MetLife Investment Management. Completed in 1931, the residential building offers studios as well as up to 2,500-square-foot three-bedroom apartments.

3. 98 Riverside Drive, Manhattan
   Sale Price: $90,000,000

After nearly a decade of ownership, BlackRock completed the disposition of this Upper West Side property encompassing 133 units. The new owner, a private investor, acquired the 16-story tower with the help of a $35 million loan financed by Apple Bank for Savings. Completed in 1929 in the Renaissance Revival style, the property underwent renovations in 1988 and was recently given landmark status.

4. 223 N. Eighth St., Brooklyn
   Sale Price: $70,770,000

The Berkley. Image courtesy of JLL

A partnership between Pacolet Milliken and Trinity Place Holdings sold the 95-unit The Berkley in Williamsburg. TF Cornerstone acquired the two seven-story buildings connected by a central courtyard. JLL Capital Markets secured a $35.5 million acquisition loan originated by Nationwide Life Insurance Co. While most of the units are market rate, the property includes 19 affordable units as well.

5. 204 E.75th St., Manhattan
   Sale Price: $61,000,000

Elad Group acquired the nine-unit property in Lenox Hill, along with 1299 Third Ave. and 1297 Third Ave. from a partnership between Premier Equities and Continental Ventures. The buyer financed a purchase with a $40.9 million loan originated by Valley National Bank. Elad Group plans to demolish the remaining structure and develop a 33-story residential tower with 47 luxury condominiums.