Here’s what the $10M-$20M NYC investment sales market looked like last week

A 16-story UES building trades for $20M
By Mary Diduch |
Research by Nicholas Severin
July 05, 2019 07:00AM

266 East 78th Street

266 East 78th Street

Multifamily investment sales in Manhattan and Brooklyn comprised last week’s mid-market investment sales, per records filed with the New York City Department of Finance.

An entity linked to Blackstone Real Estate Advisors parted with 266 East 78th Street, a 16-story, 17-unit rental apartment building near Second Avenue in the Upper East Side, for $19.7 million. The property spans about 22,800 square feet, pricing the deal at roughly $866 per square foot. The buyer was another limited liability company, with investor Elliot Sohayegh as member, and took on the $9.7 million mortgage New York Community Bank holds on the property. The seller had acquired the building in 2015, for $20.7 million.

Three contiguous apartment buildings near Prospect Park in Brooklyn traded for $10.15 million. The seller was Caton Avenue Associates LLC, managed by Marc Friedman, and the buyer was Coney Cat LLC, with Eric Miller as managing member. The four-story walk-ups sit on the corner of Coney Island and Caton Avenues, with 48 apartments. The addresses are 399 Coney Island Avenue, 910 Caton Avenue and 2 East 10th Street. New York Community Bank provided $5.17 million in financing.