Two deals on luxury apartments recently closed in New York City. One was the 144-unit 2 Cooper Square purchased by Wafra Investment Advisory Group. The other was the Columbus Square Complex, purchased in a joint venture between MetLife and UDR.
“The rental market is so competitive in New York and newer buildings are going to be the most competitive,” said Ben Thypin, director of market analysis for global commercial property research firm Real Capital Analytics.
According to data from Real Capital, the dollar volume of Manhattan apartment-building sales more than doubled in 2011 from the previous year to $4.6 billion. Manhattan apartment investors paid an average of $456,796 per unit last year, while nationally, multifamily investors paid about $101,925 per unit.