Sani Group has bought three Manhattan multifamily properties for a total of $50.5 million from Page Management.
The amount of units the firm is acquiring amounts to a collective 100. The bulk comes from 300 West 12th Street (53), followed by 240 West 15th Street (35), and 5 Jones Street in West Village and Chelsea (12).
The sale price and measurements are as follows:
- 300 West 12th: $26.5 million, and 34,872 square feet
- 240 West 15th: $17 million, and 23,112 square feet
- 5 Jones: $7 million, 10,500 square feet
Avison Young arranged the sale for Page Management and represented Sani.
“The multifamily market in Manhattan has seen an increase of 32% in volume between Q1 and Q2 of 2024, with transactions overall up 45% in that same period. Avison Young continues to see strong interest and appetite for predominately free market buildings with opportunity to add value,” said James Nelson, principal and head of Avison’s tri-state investment sales group.
That same report from Avison found that general property sales in the city totaled $2.4 billion, which was a 13 percent boost from the first quarter, and a 20 percent year-over-year surge. The only downside was average prices on multifamily Manhattan assets slipped eight percent to $555.
Page has exited the Manhattan market with this sale. It comes after the company previously sold another four multifamily properties in April for more than $60 million, according to a report by the New York Business Journal.
According to Page, it has 11 designed buildings in New York City.