Top 5 NYC Multifamily Sales

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PropertyShark compiled the top 5 multifamily sales recorded in September 2018 in New York City.

Source: PropertyShark, a Yardi Systems Inc. company

  1. 520 W. 43rd St., Manhattan

    520 W. 43rd St., Manhattan

    Sale Price: $193,000,000

Dubbed The Helux, this 375-unit property offers studio, one- and two-bedroom floorplans ranging from 472 to 992 square feet. The community was purchased by Dermot Co. from AEW Capital Management. The sale was subject to a $120 million loan held by HSBC Bank USA, according to Yardi Matrix. As of November, the 35-story building was at a 97.1 percent occupancy. The asset also includes 3,500 square feet of office and 3,700 square feet of retail. Seventy-six of the apartments are designated as affordable, and the property was developed under Section 42 (LIHTC) provisions and tax credits, which were applied in 1998 and cause the rent to be restricted through 2028. Amenities of the community include a fitness center, community room, basketball court, children’s playroom, laundry facilities, 75 covered parking spaces, private balcony/patios and a doorman.

  1. 2355 E. 12th St. #121, Brooklyn
    Sale Price: $31,900,000

Located in the Sheepshead Bay neighborhood, the 121-unit Berkshire building was constructed in 1963 and was 98.3 percent occupied as of November. Jonas Equities purchased the property from R&C Management, according to Yardi Matrix. The sale was subject to a $15.5 million loan held by Signature Bank. Floorplans are offered in studio, one- and two-bedroom layouts, spread out across six stories. Asset features include laundry facilities, 49 covered parking spaces and private balcony/patios.

  1. 10 E. 28th St., Manhattan
    Sale Price: $28,340,400

This property is an adaptive reuse project that once served as The Prince George Hotel, built in 1905. The asset was then converted to fully affordable multifamily in 1999, developed under Section 42 (LIHTC) provisions and tax credits. The building offers 416 units, as well as 14,000 square feet of ground floor retail. Features include a fitness center, business center and laundry facilities. The transit-oriented asset is within a quarter mile of three subway stations, the 6, W and D lines.

  1. 1775 E. 18th St., Brooklyn
    Sale Price: $27,700,000

Standing six stories in the neighborhood of Homecrest, this property offers 96 residential units with an average size of 1,139 square feet. Comprising 109,312 square feet, the building was constructed in 1941 and features convenient access to the B and Q subway lines, as well as the B2 and B31 bus routes.

  1. 2198 Cruger Ave., Bronx
    Sale Price: $22,500,000

Comprising 88,386 square feet across six floors, this Bronxdale building offers 88 units averaging 987 square feet. The 2 and 5 subway lines can be reached 0.06 miles away at the corner of White Plains Road and Pelham Parkway. The property also offers 1,500 square feet of ground floor retail, currently leased to Dental Care Plus.

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