Top 5 New York Multi-Family Home Sales – December 2021
- 1965 Lafayette Ave, Bronx
Selling price: $43,000,000
Ariel Property Advisors negotiated the recapitalization of the 353-unit community in the Castle Hill neighborhood, which kept the nonprofit NYC Housing Partnership Development Corp. in the ownership group. Santander Bank facilitated the sale of the 21-story community with a $32.3 million acquisition loan backed by Fannie Mae. The 400,932 square foot property was completed in 1969 and features floor plans averaging 1,117 square feet.
- 215 W. 101st Street, Manhattan
Selling price: $36,000,000
A private investor has sold an 80% stake in the 81-unit community on the borough’s Upper West Side. New majority owner Black Spruce financed the purchase with $36 million in acquisition financing from New York Community Bank. Completed in 1907, the 10-story community underwent renovations in 1984 and includes a 5,250 square foot retail element.
- 138 E. 38th Street, Manhattan
Selling price: $32,750,000
JLL Capital Markets represented Bi-Coastal Properties in the sale of Tatham House totaling 81 units in the Murray Hill neighborhood of Manhattan. Four Winds Real Estate acquired the property through a 99-year land lease held by iStar, which is due to expire at the end of 2120. JLL worked on behalf of the tenant to secure an 11-year leasehold acquisition loan. $.8, $3.7 million Lease Loan and $1 million Lease Project Loan provided by Ready Capital.
- 35-64 84th Street, Queens
Selling price: $32,500,000
A&E Real Estate Holdings has acquired the 110-unit property in Jackson Heights. The new owner secured a $22 million loan issued by Signautre Bank for the purchase. The building constructed in 1933 includes residential units averaging 980 square feet and 12 commercial units averaging 11,000 square feet. Residents of the property can join the 7 subway line at the NE corner of 82nd Street and Roosevelt Avenue.
- 160 E. 103rd Street, Manhattan
Selling price: $24,000,000
Sharp Management Corp. sold the East Harlem asset totaling 60 units. Citibank provided $16.8 million in acquisition financing for L+M Development Partners and Settlement Housing Fund Inc. While the 65,019 square foot property was originally developed in 1920, it underwent alterations in 1985. The six-story community is less than 0.3 miles from the 6 subway line located at the SE corner of Lexington Avenue and 103rd Street.