Top 5 NYC Multifamily Sales—August 2020
PropertyShark compiled the top 5 multifamily sales recorded in August 2020 in New York City.
- 111 Kent Ave., Brooklyn
Sale Price: $45,340,000
American Realty Advisors sold the 62-unit complex to the North American arm of Beijing-based Yihai Group for $731,290 per unit. The seller had owned the Williamsburg luxury rental since 2012—ARA had purchased the property for $56 million from Stellar Management. Completed in 2008, the seven-story building is located on a 0.5-acre site between North Seventh and North Eighth streets. Residents of the property can reach the L subway line at the corner of Bedford Avenue and North Seventh Street, while the B32 bus route is at the intersection of Kent Avenue and North Sixth Street.
- 150 E. First St., Manhattan
Sale Price: $29,500,000
GPG Properties sold the 25-unit Upper East Side property to Redeemer Presbyterian Church. The new owner revealed plans to demolish the six-story building, constructed in 1910, and develop a 10-story ministry center. Groundbreaking is anticipated for late 2021, with delivery expected by early 2023. Plans call for a sanctuary seating up to 600 people, a 300-person fellowship hall and up to 17 classrooms. Nearby transportation options include the 4/5/6 subway lines at the NE corner of Lexington Avenue and 86th Street, as well as the M101 bus route at the intersection of Lexington Avenue and East 92 Street.
- 185-187 Claremont, Manhattan
Sale Price: $15,800,000
BlackRock sold the 62-unit community to Prana Investments for $254,839 per unit. The seller had owned the Morningside Heights property since 2013. New York Community Bank facilitated the transaction with $10.5 million in acquisition financing, which carries a 5.5 percent interest rate and is scheduled to mature in August 2050. The community features a mix of studio and one-bedroom apartments. Completed in 1941, the transit-oriented building is close to the 1 subway line at the SW corner of Broadway and 125th Street and the M104 bus route at the Broadway and La Salle Street intersection.
- 261 Lenox Road, Brooklyn
Sale Price: $14,759,000
The 120-unit property changed hands between two private investors at a per-unit price of $122,992. Signature Bank originated a $17.2 million permanent loan, which is subject to a 5.5 percent interest rate and an August 2050 maturity date. Located in an opportunity zone, the six-story community was completed in 1956 and features studios and one- and two-bedroom apartments. Amenities include controlled access, laundry facilities and 80 grade-level parking spaces. Covered parking is available for an additional fee.
- 91-35 193rd St., Queens
Sale Price: $11,000,000
Alma Realty Corp. acquired the 81-unit property in Hollis from a private investor, with Signature Bank facilitating the deal with a $7.2 million permanent mortgage. The acquisition financing carries a 5.5 percent interest rate and is scheduled to mature in July 2050. The transaction marks the first sale since 1967. Developed in 1959, the six-story community features a 20-car parking garage and is located between Woodhull and Jamaica avenues. The closes subway station is at the NE corner of Midland Parkway and Hillside Avenue, providing access to the F line.