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The 10 most valuable multifamily deals of 2016

By Ashkan Zandieh, CEO/Founder at Falkon

Compared to 2015, the New York City multifamily investment sales market had a rough 2016, but still emerged with some high profile deals, especially in Manhattan.

Total sales amongst the top 10 most valuable multifamily deals grossed $2.1 billion.  The average sales price reached $211.4 million per property.  The average property size was 314,00 sq.ft. while the average price per square foot grossed $672/sq.ft.

Earned commissions remained stable in 2016 as the total commission amongst the top 10 most valuable multifamily deals grossed nearly $63.4 million.  The estimated average commission per deal reached nearly $6.3 million.

Falkon ranked the most valuable multifamily investment sales deals in Manhattan in 2016, measured by sales price. Six of the top 10 most valuable multifamily deals were signed in Q1 2016.  Five of the top 10 most valuable deals were properties bordering the 6 train including neighborhoods such as Midtown East and the Upper East Side.

These are the highest sales price that made the list:

top10multifamily

  1. 420 East 54th Street: $390 Million

The priciest multi-family deal in NYC, 420 East 54th Street, a 325 unit property in Midtown East, was sold in Q1 at $390 million.  The 413,233 square foot property was sold at nearly $944/sq.ft.

  1. 760 3rd Avenue: $270 Million

760 3rd Avenue, a 310 unit property in Midtown East, was sold in Q1 at $270 million.  The 297,703 square foot property was sold at nearly $907/sq.ft.

  1. 63 Wall Street:  $239.1 Million

63 Wall Street, a 482 unit building in the Financial District, was sold in late Q3 at $239.1 million.  The 400,531 square foot property was sold at nearly $597/sq.ft.

  1. 229 7th Avenue:  $211.3 Million

229 7th Avenue, a 214 unit building in Chelsea, was sold in Q1 at $211.3 million.  The 212,134 square foot property was sold at nearly $996/sq.ft.

  1. 2156 Madison Avenue:  $200.9 Million

The largest multi-family deal in terms of size and units, 2156 Madison Avenue, a 915 unit building in Harlem, was sold in Q1 at $200.9 million.  The 716,400 square foot property was sold at nearly $280/sq.ft.

  1. 67 Wall Street:  $182.4 Million

67 Wall Street, a 323 unit building in the Financial District, was sold in Q3 at $182.4 million.  The 303,175 square foot property was sold at nearly $602/sq.ft.

  1. 1191 2nd Avenue:  $180 Million

1191 2nd Avenue, a 191 unit building in the Upper East Side, was sold in late Q1 at $180 million.  The 207,284 square foot property was sold at nearly $868.4/sq.ft

  1. 21 West 86th Street:  $172.5 Million

21 West 86 Street, a 155 unit building in the Upper West Side, was sold in Q4 at $172.5 million.  The 141,498 square foot property was sold at nearly $1,219/sq.ft.

  1. 1731-1735 York Avenue: $139.6 Million

1731-1735 York Avenue, a 269 unit building in the Upper East Side, was sold in Q2 at $139.6 million. The 279,945 square foot property was sold at nearly $499/sq.ft.

  1. 1347 1st Avenue: $130 Million

1347 1 Avenue, a 145 unit building in the Upper East Side, was sold in late Q1 at $130 million.  The 173,031 square foot property was sold at nearly $751/sq.ft.

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