Top 5 NYC Multifamily Sales

PropertyShark compiled the top 5 multifamily sales for October 2018 in New York City.
Source: PropertyShark, a Yardi Systems Inc. company
  1. 393 W. End Ave., Manhattan
    393 W. End Ave., Manhattan

    Sale Price: $130,933,331

This elevator apartment building houses 114 units across 16 stories. Located in the Upper West Side, the property was constructed in 1927 on a 10,217-square-foot lot. According to The Real Deal, Simon Baron Development bought out its partner Quadrum Global’s stake in this building. Nearby transportation includes the 1 subway line at the corner of Broadway and 79th Street, as well as the M79 bus route at the intersection of West 79th Street and Riverside Drive.

  1. 102-116 Eighth Ave., Manhattan
    Sale Price: $83,000,000

Located in Chelsea, with access to the nearby A/C/E and L trains at the corner of Eighth Avenue and 15th Street, this walk-up apartment building totals 102,046 square feet. The five-story asset was built in 1905 and was last altered in 1987. The property features 102 units averaging 814 square feet, as well as 19,000 square feet of ground floor retail.

  1. 62-74 Ave. B, Manhattan
    Sale Price: $82,000,000

Dubbed Bloom 62, this 81-unit building is located in the East Village and was built in 1970. According to Yardi Matrix, the asset was purchased by Martin Shapiro from Magnum Real Estate Group. The sale was subject to a $45.5 million loan held by Signature Bank, which involved both the apartments and 5,100 square feet of retail space at the ground level. At a 97.5 percent occupancy as of November, the community offers studio, one-, two-, three- and four-bedroom floorplans ranging from 544 to 1,340 square feet. Features include a fitness center, rooftop terrace, community room, doorman, laundry facilities, private balcony/patios, washer/dryers and hardwood floors.

  1. 116 Mott St., Manhattan
    Sale Price: $22,600,000

The six-story building in Chinatown houses 30 residential units and has long been a neighborhood attraction due to its display of the “Ground Zero Flag,” a 60-foot long American flag that commemorates the 9/11 terrorist attacks, every September for the past 17 years. The property also offers 3,000 square feet of ground level retail, separated among five commercial units. According to The Real Deal, the buyer of this property was a joint venture between Chinese investors Lee Pan Realty and MJ Group Holdings LLC, an entity managed by Jie Wang. The acquisition was partially funded with an $11.3 million loan from Signature Bank.

  1. 10-16 Manhattan Ave., Manhattan
    Sale Price: $22,000,000

The Orbach Group sold this building to a private 1031 exchange investor as part of a five-property portfolio totaling 120 units, according to the New York Real Estate Journal. The other buildings included 4 Manhattan Ave., 8 Manhattan Ave., 3-5 W. 108th St. and 7-9 W. 108th St. Quality Capital USA was the portfolio buyer. This asset comprises 43,160 square feet of residential and 1,000 square feet of retail space. Located in Manhattan Valley, the property offers access to the nearby B and C subway lines at the intersection of Central Park West and 103rd Street.