fbpx

$104,135,000 in NYC Sales to Close Out Summer

$104,135,000 in NYC Sales to Close Out Summer

9/25/2018

While transaction numbers have generally been lower in NYC, the New York Multifamily team at Marcus & Millichap closed more than $100 million in sales in the back half of summer 2018.

With 18 closed sales this summer across Manhattan and the boroughs and another 26 in contract, it was an active summer.

Our summer saw significant portfolio trades, such as the $15 million sale of the 82-unit property of Fort Independence in the Bronx, and the $17.4 million disposition of the six-building Vision Builders Portfolio in Harlem.

We also closed more than $30 million in transactions in Brooklyn, across price points and property types. Those included  a slew of sales in the $2 to $3 million range, such as 1130 Union Avenue, 148 Atlantic Avenue, and 179 Greenpoint Avenue.

Harlem was also particularly active. In addition to the Vision Builders portfolio sale, our team closed 40 West 127th Street for $11.4 million and 310 Saint Nicholas Avenue.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Buy Peter's Book Today! Available on Amazon.

Catch up on our most recent posts here:

NYM Monthly Metrics – December 2019

NYM had an active month in December with a total of $312,882,500 in activity! This month we listed 16 properties totaling $189,885,000.

Last month we closed on 422 East 81st Street for $6,250,000. The building contains 20 units and was 80% Fair Market. At the sale price, this equates to a 4.0% Cap Rate and $568/SF.

read more

NYC Multifamily 2020 Outlook

When I was writing The Scene in 2019: What to Expect in the NYC Multifamily Market last year, there was significant uncertainty in our industry.

In the first half of the year, we weren’t sure what was going to happen with New York’s rent reform laws.

read more