Top Multifamily Sales in 5 Hot Submarkets
Signs are afoot that the recovery may be just about complete. Here are more. Bisnow, with some help from CBRE’s research department and Real Capital Analytics, gives you the biggest multifamily acquisitions in five key Manhattan submarkets last year.
1. Upper Manhattan: 3333 Broadway
AKA: Riverside Park Community
Buyer: Brookfield Property Partners bought a 93% stake for $231.5M
Seller: Urban American Management
Sale Date: July 24
Square Footage: 1.44M
Number of units: 1,193
Why so much: This place is huge. They call it a “community” because calling it a building doesn’t do it justice. It also sits smack between the newly expanded campuses of Columbia and City College, in the heart of Hamilton Heights, where prices have been surging.
2. Midtown South: 385 First Ave
AKA: Post Luminaria
Buyer: Magnum RE Group
Seller: Post Properties
Sale date: Sept. 19
Number of units: 138
Why so much: As is big these days, Ben Shaoul is going extra-fancy with this glass-fronted tower as it converts from a rental to condos. It’s got a children’s playroom, an adult playroom (game room) and French limestone bathrooms.
3. Downtown: 180 Broadway
Price: $180.6M (This is an unverified price, says Real Capital Analytics)
Buyer: Lefrak Organization
Seller: Harel Insurance Investments
Sale date: Sept. 4
Square Footage: 125k
Number of units: 228
Why so much: To state it simply: students = $. The 24-story dorm for Pace students, designed by starchitect Karl Fischer, lured top-flight retail on the ground floor, including a TD Bank branch, and it sits across the street from the much-ballyhooed Fulton Center transit hub.
4. Upper West Side: 838 West End Ave
Buyer: Thor Equities
Seller: Zauderer Realty Associates Brokers
Broker: Steve Vegh of Westwood Realty Associates
Sale date: May 7
Square Footage: 108k
Number of units: 69
Why so much: This pre-war building is pretty to look at. It’s a block from Riverside Park and an easy walk to the Columbia campus. It was the second deal for Thor’s new residential division.
5. Upper East Side: 305-315 E 86th St
AKA: Yorkshire Towers
Buyer: Stellar Management
Seller: Helmsley Enterprises
Sale date: Sept. 22
Square Footage: 703k
Number of units: 707
Why so much: When the Second Avenue subway opens (if it ever does) a little bird said that might impact property values in Yorkville. But for this massive complex that’s less of an issue since a parking garage is among its amenities.