Top 5 NYC Multifamily Building Sales—November 2024
PropertyShark collected the city’s top deals for the sector.
Sale Price: $18.8 million
Parkview Properties acquired the 51-unit multifamily building in Jamaica, N.Y., from a private seller. The new ownership also assumed a $14.3 million Fannie Mae mortgage that was originated in 2021. Completed in 2019, the 49,264-square-foot building rises seven stories and offers an average unit size of 966 square feet.
Sale Price: $18 million
Benedict Realty Group acquired the 176,480-square-foot multifamily property in Elmhurst, N.Y., from Algin Management. Dubbed The Alameda, the six-story building includes 193 Class A residential units with an average unit size of 846 square feet. The property dates back to 1956 and was last upgraded in 2022. Benedict Realty Group purchased the asset as part of a three-property portfolio deal and secured a $12.5 million acquisition loan from CBRE Capital Markets, with a maturity date set for 2029.
Sale Price: $15 million
The second property involved in Benedict Realty Group’s portfolio deal is The Martinique, a 111-unit Class A multifamily property, also sold by Algin Management. The 108,120-square-foot building rises six stories and originally came online in 1964. The Elmhurst asset includes 920 square feet of office space and an average residential unit size of 921 square feet. The buyer took a nearly $11.3 million acquisition loan from the same lender, with the same maturity date.
Sale Price: $13.5 million
The third building part of Benedict Realty Group’s portfolio acquisition from the same seller is Richelieu Gardens, a 120-unit residential property in Queens’ Jackson Heights neighborhood. The 1951-built multifamily building rises six stories and features an average unit size of 867 square feet. Benedict secured acquisition financing totaling $10.1 million, with CBRE Capital Markets serving as lender. The new loan is payable up to the same maturity date of 2029.
Sale Price: $10.4 million
Kleinberg, Kaplan, Wolff & Cohen, P.C. has sold the six-story multifamily property in Washington Heights to a private individual. The buyer secured a $7.9 million acquisition financing package through a consolidated and restated mortgage originated by Oklahoma Fidelity Bank. The property features 55 Class A units, with an average size of 907 square feet and 4,000 square feet of retail space.
—Posted on December 27, 2024
