Nuveen buys 209-unit Manhattan multifamily pair for $75M
The 209-unit pair on the Upper West Side, more than half backed by Section 8 vouchers, traded at about $359,000 a unit.
Nuveen Real Estate bought two Upper West Side rental buildings from L+M Development Partners for $75 million. The properties, 200 Manhattan Avenue and 133 West 104th Street, in Manhattan Valley, hold 209 units across roughly 143,500 square feet, or about $359,000 per unit.
More than half the units, 126, are backed by Section 8 vouchers. Ariel Property Advisors brokered the sale.
Why it matters
Well-leased rental assets with government-backed income have become some of the most sought-after product for institutions wary of volatility. The trade shows large managers are willing to pay up for durable, affordability-linked cash flow in New York.
The numbers
At about $359,000 a unit, the pricing reflects the premium on stabilized, occupied buildings over ground-up development still constrained by financing.
What’s next
L+M, an active developer and manager of affordable housing, recycles capital from the sale into its pipeline. Expect more voucher-backed portfolios to test the market while institutional demand holds.
Sources
- Commercial ObserverNuveen buys pair of Upper West Side multifamily properties for $75M