Top 5 NYC Multifamily Sales—May 2021

2 min read

A roundup of recent major deals recorded by PropertyShark.

Source: PropertyShark, a Yardi Systems Inc. company
  1. 920 Park Ave., Manhattan
    Sale Price: $134,500,000
920 Park Ave., Manhattan

A private investor sold the 68-unit Upper East Side to Stonehenge Partners. Located on the corner of 80th Street and Park Avenue, the 21-story community features a unit mix of two- to three-bedroom floorplans; a little over 80 percent of the apartments are market rate. Amenities at the pet-friendly property include a 24-hour attended lobby, live-in super and stainless-steel appliances.

  1. 1771 First Ave., Manhattan
    Sale Price: $22,795,500

The transaction marked an interest transfer in the 1910-built Yorkville rental building. Hirschfeld Properties acquired the 40-unit asset in September 2016 from A.D. Real Estate. The six-story walk-up features 20,140 square feet of residential space and two commercial units spanning 1,500 square feet. The asset is subject to a $10.4 million loan originated by Wells Fargo in late 2016; the mortgage is scheduled to mature in 2026.

  1. 35-25 95th St., Queens
    Sale Price: $12,000,000

An entity affiliated with Bronstein Properties sold two contiguous walk-up buildings in Jackson Heights. The new owner, a private investor, secured $7.8 million in acquisition financing from Sterling National Bank. Along with the 35-25 95th St. property, the 80-unit portfolio included the building located at 35-35 95th St. The four-story properties encompass 53 one-bedroom and 27 two-bedroom apartments.

  1. 300 E. 50th St., Manhattan
    Sale Price: $12,000,000

A private investor sold the four-story property after having owned the asset for five years. The Turtle Bay walk-up features 22 free-market and four regulated apartments. Additionally, the building includes 3,400 square feet of retail space across four commercial units. In May 2020, the property became subject to a $2.3 million loan financed by Stony Clove Capital. A satisfaction of mortgage was recorded in May 2021.

  1. 678 Prospect Place, Brooklyn
    Sale Price: $10,000,000

An entity linked to Brooklyn-based B&B Global Development sold three adjacent buildings in Crown Heights. The buyer was an entity affiliated with California-based Skywell Real Estate. First Technology Federal Credit Union provided $7.5 million in acquisition financing. The 24-unit portfolio included 678 Prospect Place, 680 Prospect Place and 682 Prospect Place. The three-story buildings were completed in 2009.

  1. 58 E. 56th St., Manhattan
    Sale Price: $8,000,000

An entity affiliated with Pittsburgh-based Costa Land Co. sold the four-story Midtown property to a private investor. The new owner assumed the outstanding balance of a $5.6 million loan originated in 2015, held by Wells Fargo. The asset previously changed hands for $8.5 million in June 2008. Located four blocks from Central Park, the building includes five residential units and one commercial unit.

  1. 152-154 Second Ave., Manhattan
    Sale Price: $8,000,000

The East Village rental building, owned by Icon Realty Management, is subject to a $22 million mortgage held by JPMorgan Chase. Built in 1920, the 25-unit property spans six floors and encompasses 17,956 square feet of residential space, as well as one commercial unit totaling 4,442 square feet. Nearby transportation options include the subway 6 accessible at the NE corner of Fourth Avenue East Eighth Street.

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