Real Estate

Aetna Realty Buys Manhattan Multifamily Asset

370 Columbus Ave.

Aetna Realty has acquired 370 Columbus Ave., a 54-unit partially affordable multifamily asset in Manhattan, for $26.4 million, according to New York public records.

The same source shows that the buyer also took a $5.4 million loan originated by Centurian Capital LLC. The seller was Pantzer Properties, which purchased the asset in 2013 for $35.8 million, Yardi Matrix data shows.

Completed in 1910, the five-story property encompasses one-, two- and three-bedroom units equipped with washers and dryers. Of the total number of units, 14 apartments are affordable. Common-area amenities include laundry facilities, elevators, as well as 2,250 square feet of retail space.

Located on the Upper West Side, the property is situated between the American Museum of Natural History and Lincoln Center for the Performing Arts. 370 Columbus Ave. benefits from major street exposure, providing easy access to multiple bus and subway stations. It is situated 5.3 miles from Long Island City, through Ed Koch Queensboro Bridge, 5.8 miles from downtown Manhattan, 9.4 miles from downtown Brooklyn and within 9 miles of Jersey City.

According to a recent Yardi Matrix report, the borough’s average price per unit doubled compared to the last 10 years, reaching $752,988, while sales activity increased during the first half of 2022, with a total of $3 billion in multifamily deals. Earlier this year, Meadow Partners paid $58 million for two multifamily buildings in Manhattan’s East Village, while SL Green sold a 96-unit multifamily asset  in the Morningside Heights neighborhood.

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