The Real Deal New York

Top five commercial sales of the month

October 08, 2012 02:45PM
By Adam Pincus

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From left: 450 Lexington Avenue, Essex house, Darcy Stacom and Mary Ann Tighe

The five most expensive sales recorded last month were valued at $1.46 billion, and brokers had a hand in at least three of the deals, a review by The Real Deal shows. The top commercial transaction was Long Island-based RXR Realty’s purchase of the office building 450 Lexington Avenue at East 45th Street from Dubai investment fund Istithmar World for $720 million.

The next highest sale was Strategic Hotels & Resorts purchasing the 518-unit Jumeirah Essex House hotel at 160 Central Park South, from Dubai Investment Group,  for $362.3 million. The deal was brokered by a Jones Lang LaSalle Hotels team including Arthur Adler, Jeffrey Davis and Gilda Perez-Alvarado (note: correction appended).

The third most expensive transaction was advertising firm Young & Rubicam Group’s $143.6 million purchase of a commercial condominium at 3 Columbus Circle. The sellers were building owners SL Green Realty and Moinian Group. Newmark Grubb Knight Frank’s James Kuhn, Scott Klau, Brian Waterman, Erik Harris and Lance Korman represented the sellers. Mary Ann Tighe, Gregory Tosko, Christopher Mansfield and Lauren Crowley of CBRE Group represented Y&R.

Coming in fourth was Heritage Realty and partner Dune Real Estate Partners’ acquisition of 32 multifamily buildings including 635 Riverside Drive at West 141st Street. Pinnacle Group and financial backer Praedium Group transferred the properties after defaulting on the loans. Dune Real Estate paid $120 million in November 2011 for the debt in a deal brokered by Holliday Fenoglio Fowler’s Andrew Scandalios and Jeffrey Julien, and later acquired the title in August 2012. That transfer was recorded last month.

The fifth most expensive deal was Isaac Chetrit and Ray Yadidi’s $116.25 million purchase of the office buildings 15 West 47th Street and 22 West 48th Street. The sellers were companies controlled by the estate of Victor Shafferman, which were represented by CBRE brokers Darcy Stacom and William Shanahan.

Check out August’s top five commercial sales here.

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