Top 5 NYC Multifamily Building Sales—June 2024
Property Shark’s list of the biggest deals recorded in the city last month.
Sale Price: $114,500,000
A private individual sold the 38,355-square-foot property to Douglaston Development. The buyer secured a $270.5 million financing package from MSD Partners that includes acquisition and construction financing. The single-story building was completed in 1961 and includes 38 residential units. According to The Real Deal, the new ownership intends to demolish a part of the existing building, making way for a 39-story multifamily complex.
Sale Price: $75,000,000
San Francisco-based Farallon Capital Management and Fetner Properties acquired the 169,386-square-foot multifamily building in Manhattan’s Yorkville neighborhood from seller BlackRock. The joint venture secured an acquisition financing package totaling $46.7 million via three loans originated through a Brookfield Asset Management fund. The 15-story property includes 175 apartment units and was originally built in 1951, and the latest upgrades were completed in 2010. The asset last changed hands in 2005, when the current seller paid almost the same amount for it to Rudin Management.
Sale Price: $42,750,000
The two Manhattan Valley multifamily buildings total 79,575 square feet and 65 residential units and were acquired by NJB Management. The pair of interconnected buildings traded from seller Dalan Management, that acquired them for $66 million in 2018. The new ownership assumed a $30.3 million loan, with Bank of America as lender.
Sale Price: $27,500,000
Glacier Equities acquired the 75,490-square-foot multifamily building in Brooklyn’s Greenpoint area from a private seller. On behalf of the new owner, 360 Capital Funding originated a financing package totaling $33 million as part of a portfolio loan. The 1931-built, four-story building includes 21 residential units and 32,594 square feet of retail space.
Sale Price: $16,500,000
A private investor picked up the 36,109-square-foot, five-story multifamily property from a private seller. The Koreatown asset became subject to a $11.2 million acquisition loan originated by Woori America Bank. The property dates back to 1920 and includes 18,000 square feet of retail space.
