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Avison Young sells three multifamily properties in NYC to Japanese investors for combined $35.35M

Avison Young sells three multifamily properties in NYC to Japanese investors for combined $35.35M December 14, 2023

Transactions illustrate a tripling in foreign buyer activity in NYC year-over-year

New York, NY Avison Young has sold three recently renovated multifamily properties in New York City on behalf of two sellers, PEAK Capital Advisors and JAM Real Estate Partners, to three different Japanese buyers, totaling $35.35 million in combined transactions. The properties include 422 East 81st Street (Upper East Side, 20 units), 355 East 50th Street (Midtown East, eight units), and 96 Sterling Place (Park Slope, Brooklyn, 25 units) and sold for $10.5 million, $8.25 million, and $16.5 million, respectively.

Both JAM Real Estate Partners and Peak Capital Advisors were represented by Brandon Polakoff, Fritz Richter, Ryan McGuirl, Noah Kossoff, Joe Moran, and Kyle Sabath who are based in the firm’s New York City office. Representing the buyers for 355 East 50th Street was Tetsuo Otaki of Otsubo Realty; for 96 Sterling Place was Bill Crable of ECA Japan; and 422 East 81st Street was Fred Kato of NYU Fudosan.

“Foreign buyer investment in New York City has more than tripled since 2022, especially among Japanese private buyers who are investing in newly renovated multifamily properties, which is clearly illustrated with these three recent closings,” said Polakoff. “In addition to purchasing long-term, high-quality assets at perceived favorable returns, there are depreciation benefits Japanese buyers can take advantage of.”

All three multifamily properties were fully occupied, recently gut renovated, and located within prime residential neighborhoods. No more than 20% of the units across the properties were subject to rent regulation. Each property was sold in an all-cash transaction.

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Avison Young is a 2023 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 12 consecutive years.

For more information:

  • Download property photos here.

Media contact:

  • Nathan Reyna, Regional Media Relations & Content Specialist, Northeast: +1.917.877.1697