Midwood Investment & Development has acquired Candela Tower, a multifamily property located at 56 Seventh Avenue in the West Village, for $100 million, a source tells GlobeSt.com. BlackRock was the seller of the 160-unit property.
Cushman & Wakefield's Adam Spies, Adam Doneger, Avery Silverstein and Willis Robbins brokered the sale. The company declined to comment on the transaction.
The sale is the latest for the metro area's multifamily market, which has been springing back to life amid surging rents and a return by employees to city offices. There has been a swell of out-of-state investors making purchases in the market, particularly in Queens, where private investors now compete with institutions for Class B and C complexes, according to a recent report by Marcus & Millichap.
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However, it is uncertain whether investor demand will continue.
Marcus & Millichap goes on to note that potential regulatory changes could usher in changes in market behavior. "Following measures passed in other cities across the state, New York City is considering a "good cause eviction" policy, introducing among other regulations an effective rent-growth cap of 5 percent," it said. "Previous rent-control legislation in 2019 prompted many owners to abruptly put rent-regulated assets on the market ahead of the new policy, while some others chose to transition from value-add strategies to holding long term investments."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
