Top 5 NYC Multifamily Building Sales—May 2022
PropertyShark’s monthly roundup of the city’s biggest deals.
Source: PropertyShark, a Yardi Systems Inc. company
- 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.
- 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.
- 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.
- 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.
- 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.
