Ofer Yardeni’s Stonehenge Partners has acquired 920 Park Avenue from an entity associated with Witold Szewczyk for $135 million, according to The Real Deal. The multi-family property spans 155,544 SF, and consists of 68 apartments, of which 55 are free market.
Solid location: Built in 1962, the Carnegie Hill building is located at East 80th Street, one of the few rental properties on that stretch of Park Avenue.
Brokers: A JLL team led by Bob Knakal and Rob Hinckley facilitated the deal.
NYC market is picking up: RXR Realty recently went into contract to buy the 320-unit rental portion of 85 Jay Street in Dumbo for $220 million. And A&E Real Estate recently went into contract to buy SL Green Realty’s stake in the 263-unit 400 East 57th Street at a valuation of $133.5 million. These deals come after a sluggish Q1 that only saw $620 million in multi-family sales from 56 deals, a 58% decrease year-over-year. Of those transactions, 26 were for predominantly rent stabilized buildings, while another 13 consisted of a mix. New lease signings also rose 112% in February, the largest gain in nearly a decade.
Cap rates on the rise: Brooklyn (5.89%); Northern Manhattan (6.19%); Queens (6.23%); Manhattan ( 4.43%); Bronx (a slight decrease to 5.5%), according to an Ariel Property Advisors’ research report.
Heard on the Street: Ariel’s Shimon Shkury: “It is clear to us that the New York City’s multifamily asset class found its floor somewhere in the end of 2020, and the worst is behind us. Contract and bidding activity in the first quarter have been robust, which might suggest a higher volume of transactions moving forward.” [TRD+CO]
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