January 18, 2018
New York City investors spent a total of $578.2 million to buy 57 apartment buildings in November in 40 separate deals. That’s 15% less in total investment than October, and 25% less than the year before. The number of buildings and deals rose, however, as investors put their money into smaller properties, according to Ariel Property Advisors.
Here are some of November’s biggest deals:
– Queens: Treetop Development paid $135 million for the 924-unit rental complex at 711 Seagirt Ave. in Far Rockaway.
– The Bronx: Emerald Equity Group paid $47 million, or more than $178,000 per unit, for the Highbridge elevator portfolio, four buildings with a total of 264 apartments.
– Northern Manhattan: Heritage Realty paid $41 million, or $254,658 per unit, for 161 apartments in three buildings in Manhattan’s Inwood neighborhood.