Page Management Sells 3-Building Apartment Portfolio for $51M
By Mark Hallum October 3, 2024 11:27 am
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Page Management offloaded three West Village and Chelsea apartment buildings for $50.5 million.
Abraham Sanieoff’s Sani Group purchased the buildings at 300 West 12th Street, 240 West 15th Street and 5 Jones Street, which have a combined 100 apartments and three retail units, according to Avison Young’s tri-state investment sales crew.
“The multifamily market in Manhattan has seen an increase of 32 percent in volume between Q1 and Q2 of 2024, with transactions overall up 45 percent in that same period,” Avison Young’s James Nelson said in a statement. “Avison Young continues to see strong interest and appetite for predominantly free-market buildings with opportunity to add value.”
Nelson represented both sides of the deal with Brandon Polakoff, David Shalom, Ryan McGuirl, Alexandra Marolda and Ed Nelson.
Page Management has owned 300 West 12th Street since 1987, 240 West 15th Street since 1979 and 5 Jones Street since 1999, according to property records. Five Jones has two retail tenants, Florence Prime Meat Market and a record store known as Record Runner.
Despite high interest rates, the investment sales market for multifamily has been picking up steam, with the first half of 2024 seeing an 11 percent increase in transaction volume and a 23 percent jump in dollar volume compared to the second half of 2023, according to Ariel Property Advisors.
However, institutional investments in multifamily accounted for only eight individual deals over $50 million in the first half of the year, the second lowest since Ariel began tracking those figures, with only the second half of 2023 being lower, Commercial Observer reported in July.
All that is expected to change with the introduction of the 485x tax abatement and Mayor Eric Adams’s “City of Yes” zoning amendments designed to allow more housing. Despite hizzoner being the first mayor in New York City history to be indicted in a federal probe while in office, City of Yes passed a major hurdle with the City Planning Commission last week and will head to the New York City Council for final approval.
Mark Hallum can be reached at mhallum@commercialobserver.com.
