2015 was a busy year for NYC commercial real estate! While Manhattan certainly boasts the title for the most top 20 multifamily property sales over the last 12 months, Brooklyn, Queens, and The Bronx make appearances too.
Find out who the biggest deal-makers were, and what they paid hundreds of millions of dollars for:
Sale Price: $4,111,111,766
This monumental transaction elevated Blackstone Properties to being one of the top residential landlords in the country. Comprised of two communities, 56 buildings, and over 11,000 units, the Stuyvesant Town – Peter Cooper Village transaction actually takes up both first and second positions on this list; for a combined total of over $5.4B.
Sale Price: $1,345,485,020
Blackstone’s second part of the above deal to take over one of the most expensive slices of NYC real estate.
Sale Price: $196,705,000
Records show this Chelsea apartment building boasts 200 residential units, and 2 commercial units. The residential square footage exceeds 140,000 and the property was built in 1986.
Sale Price: $179,000,000
One of Thor Equities major plays in NYC; this Murray Hill apartment building adds over 200 rental units to the firm’s portfolio. According to The Real Deal the previous owner is believed to be a collaboration of BlackRock and CalPERS.
Sale Price: $169,000,000
The only Brooklyn building to make the top ten, this Williamsburg multifamily building evidences the borough’s trendy position as one of the most desirable in the city.
Sale Price: $167,500,000
Like Hugh Heffner’s recent listing of the Playboy mansion, the Tausik family reportedly hoped to get as much as $200M for this Gramercy Park apartment building. The Petersfield holds 202 residential units, and 9 commercial units, with tenants including Hollywood Salon, the gourmet Pushcart Coffee, and craft beer and cheese magnet Malt & Mold.
Sales Price: $156,500,000
This transaction proves the heat in Hell’s Kitchen’s real estate market still hasn’t gone out. Just steps from great dinning, and the Hell’s Kitchen Flea Market, this luxury elevator apartment provides the new owner 160 prime residential rental units.
Sale Price: $134,000,000
A&E Real Estate picked up this monumental complex in Kew Gardens Hills, Queens, also known as The Opal. Although records show years of permitting struggles, the new sales price proves to be quite a phenomenal win for the seller, the Dermot Co.
Sale Price: $133,000,000
Lincoln Square has been one of NYC hottest neighborhoods across multiple property types over the last year. Known as Stonehenge 70, this 185 residential unit complex, with restaurant on the ground floor, offers a blend of modern luxury inside, with a touch of 1920’s charm.
It’s worth noting the building was originally marketed as a condo conversion, and that SL Green had purchased an estimated 50% stake in the new owners’ portfolio in 2014.
Sale Price: $115,000,000
This Two Bridges deal just off of FDR Drive, was a collaboration between L+M Development and Nelson Management Group, the New York Affordable Housing Preservation Fund, and Citi Community Capital. This is the second recent acquisition along the riverside for L+M.
Top 20 NYC Multifamily Sales in 2015
|#||Address||Sale Price||Sale Date||Borough||Neighborhood||Buyer||Seller|
|1||240 1 Avenue||$4,111,111,766||18-Dec.||Manhattan||Stuyvesant Town||BPP ST Owner LLC C/O Blackstone Property Advisors L.P.||ST-DIL LLC C/O CW Capital Asset Management LLC|
|2||342-392 1 Avenue||$1,345,485,020||18-Dec.||Manhattan||Peter Cooper Village||BPP PCV OWNER LLC C/O Blackstone Property Advisors L.P.||PCVST-DIL LLC C/O CW Capital Asset Management LLC|
|3||238-256 W 19 Street||$196,705,558||10-Sep.||Manhattan||Chelsea||BRE FSC Multifamily Borrower LLC||250 B19 LLC; 250 BC19 LLC; 250 L19 LLC; 250 A19 LLC; 250 M19 LLC; 250 R19 LLC; B&L Management|
|4||30 Park Avenue||$179,000,000||12-Mar.||Manhattan||Murray Hill||Thor 30 Park Avenue LLC C/O Thor Equities LLC||WM 30 Park LLC|
|5||236 N 10 Street||$169,000,000||1-May.||Brooklyn||Williamsburg||Brklyn NY 250 N 10th Street Owner LLC C/O Teachers Insurance And Annuity Association Of America||250 North 10th Street LLC|
|6||362-372 2 Avenue||$167,500,000||8-May.||Manhattan||Gramercy Park||5504-301 E 21st Street Manhattan LLC C/O Akelius US LLC||Freedonia Realty LLC & Tausik Brothers LLC|
|7||411-425 W 51 Street||$156,500,000||20-Aug.||Manhattan||Clinton - Hell's Kitchen||Gaia 416 West 52nd Street LLC||416-432 West 52nd Street LLC|
|8||75-25 153 Street||$134,000,000||22-Jul.||Queens||Kew Gardens Hills||75-25 153rd Street LLC C/O Stroock & Stroock & Lavan LLP||153rd Street Associates LLC C/O Dermot Realty Management Co. INC.|
|9||210 W 70 Street||$133,000,000||15-Dec.||Manhattan||Lincoln Square||SP 210 W 70 LLC C/O Stonehenge||210 West 70 Owner LLC|
|10||257-271 South Street||$115,000,000||9-Feb.||Manhattan||Two Bridges||HP Two Bridges Housing Development Fund Company, I C/O NYC Housing Partnership Development Corp.||LE I Apartments LLC|
|11||103-119 N 3 Street||$92,250,000||30-Apr.||Brooklyn||Williamsburg||WB Berry Street LLC C/O Waterbridge Capital LLC||Berry Enteprises USA LLC|
|12||1501 Lexington Avenue||$92,000,000||12-May.||Manhattan||Carnegie Hill||1501 Lex Owner LLC C/O Cammebys Intl. LTD||1501 Associates L.P. C/O Kenbar Management|
|13||5530-5572 Netherland Avenue & 5535-5565 Netherland Avenue||$89,000,000||16-Jun.||The Bronx||North Riverdale||5530-5572 Netherland Avenue LLC C/O Stroock & Stroock & Lavan LLP||Riverdale Gardens Associates LLC C/O Axelrod Management|
|14||45-46 Pearson Street||$84,002,400||15-Apr.||Queens||Hunters Point||GSLM Capital Partners LLC||Pearson Capital Partners LLC|
|15||31-37 E 31 Street||$82,431,000||10-Sep.||Manhattan||NoMad||BRE FSC Multifamily Borrower LLC||31 E 31 LLC C/O B&L Management|
|16||23-45 Caton Place||$75,925,000||29-Jan.||Brooklyn||Windsor Terrace||EIB Kestrel LLC||Caton Realty Holdings LLC|
|17||308 E 38 Street||$75,000,000||30-Jan.||Manhattan||Murray Hill||Gaia 308 East 38th Strett LLC||308 East 38th Street Apartments Investors LLC C/O UBS Realty Investors LLC|
|18||220-224 E 22 Street||$73,800,000||24-Sep.||Manhattan||Gramercy Park||210-220 E 22nd Street SSGA Owner LLC C/O Prudential Real Estate Investors||220 East 22nd Street LLC C/O Broad Street Development|
|19||225-233 W 23 Street & 220-226 W 24 Street||$72,900,000||28-Jul.||Manhattan||Chelsea||23rd Street Owner LLC C/O Atlis Capital Group LLC||2324 Realty LLC C/O Rao & Rao LLC|
|20||311-329 W 50 Street||$72,000,000||23-Mar.||Brooklyn||Clinton - Hell's Kitchen||311 West 50 Realty LLC C/O The Torkian Group||West 50th (DEL) LLC C/O Douglaston Development LLC|