Top 5 NYC Multifamily Building Sales—October 2024
PropertyShark collected the city’s top deals for the sector.
Sale Price: $104.5 million
Canvas Property Group acquired the 204-unit Class A multifamily building, constructed between 1930 and 1980 in Gramercy Park. The seller was Prudential Real Estate Investors, PGIM’s investment arm. The acquisition was financed with a $63 million loan originated by Tokyu Land US. The eight-story building totals 126,482 square feet, offers an average residential unit size of 627 square feet and includes 811 square feet of office space.
Sale Price: $43.5 million
A private buyer acquired the 60,720-square-foot multifamily building at 25 Monroe Place in Brooklyn Heights from Benchmark Real Estate. The acquisition was financed with a $33.7 million loan originated by L4R LLC. Built in 1938, the 12-story property includes 67 Class A residential units averaging 906 square feet in size. The property previously traded in 2015, when Benchmark Real Estate purchased it from Dij Real Estate Capital Partners in a $50 million deal.
Sale Price: $26.5 million
The Sanieoff Group picked up the 54-unit multifamily building at 300 W. 12st St. in Manhattan’s West Village from Page Management Co. Citizens Bank provided a $15.3 million financing package through two loans on behalf of the buyer. Dating back to 1920, the property encompasses 34,872 square feet of space across six stories with an average residential unit size of 646 square feet.
Sale Price: $17 million
The same buyer also purchased the 23,112-square-foot residential building at 240 W. 15th St., within the borough’s Chelsea area. The deal closed on the same day, from the same seller, Page Management Co. A $9.7 million acquisition financing package was originated also by Citizens Bank. Rising six stories, the 1928-built property features 35 residential units with an average unit size of 602 square feet, and also includes 2,058 square feet of retail space.
Sale Price: $15.7 million
Beach Lane Management sold the six-story multifamily building at 1541 Williamsbridge Road, within the Morris Park neighborhood of Bronx, to a private entity. The buyer secured $17.6 million in acquisition financing through two loans originated by Orange Bank & Trust Co. The 107,340-square-foot property came online in 1928 and includes 125 residential units with an average unit size of 859 square feet.
—Posted on November 25, 2024
