Top 5 NYC Multifamily Building Sales—September 2021

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

Source: PropertyShark, a Yardi Systems Inc. company

  1. 58 E. Third St., Manhattan
    Sale Price: $49,500,000

58 E Third St., Manhattan

Anbau Enterprises sold a three-building portfolio to an entity affiliated with GAIA Real Estate in an off-market transaction. The 71-unit portfolio included 54 E. Third St. and 50 E. Third St. Bank of America facilitated the transaction with a $36 million acquisition loan that carries a 2.4 interest rate and is scheduled to mature in August 2051. The six-story building last traded for $58 million in 2016.

  1. 700 W. End Ave., Manhattan

Sale Price: $28,500,000

Salamon Realty LLC sold the 65-unit Upper West Side property to The Lightstone Group. The new owner assumed the outstanding balance of a $2.5 million loan held by Capital One. The 15-story apartment building last changed hands in 1976 and includes 51 free-market and 14 regulated units. Nearby transportation options include the 1/2/3 subway lines accessible at the SW corner of Broadway and 96th Street.

  1. 1018 E. 163rd St., Bronx
    Sale Price: $24,000,000

A private investor sold the 97-unit low-income apartment building to Wavecrest Equities, a subsidiary of Wavecrest Management. Signature Bank facilitated the transaction with $13.5 million in acquisition financing, which carries a 2.4 percent interest rate and a September 2051 maturity date. The six-story property includes 145,980 square feet of residential space, as well as 11,000 square feet of retail space across five commercial units.

  1. 360 E. 193rd St., Bronx
    Sale Price: $18,700,000

An affiliate of FCA Realty sold the 14-unit property in Fordham. The new owner secured a $13.1 million permanent loan, which carries a 3.4 percent interest rate and is set to expire in August 2031, as well as a $17.1 million collateral mortgage that carries the same terms. Totaling $30.2 million, the loans are held by BCTH Investors LLC. The three-story property was completed in 1953 and underwent alterations in 2017.

  1. 230 E. 167th St., Bronx
    Sale Price: $13,550,000

The Morgan Group sold the 83-unit mixed-use building to an entity connected to Denali Management. Investor Bank facilitated the transaction with $10.2 million in acquisition financing. The permanent loan carries a 2.4 percent interest rate and is scheduled to mature in August 2051. The seven-story Concourse Village property includes 78 apartments, as well as a 2,000-square-foot retail component encompassing five commercial units.

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