Queens I-sales dollar volume rises 69% in first half of year

Blackstone's $400M SkyView Parc buy was priciest deal in borough

TRD New York /
Jul.July 29, 2015 01:20 PM

Queens investment sales continued to climb upward in the first half of the year, with dollar volume sales up 69 percent year-over-year, according to a report from Ariel Property Advisors.

The area saw 371 transactions involving 511 properties over a six-month period, totaling nearly $2.5 billion.

Transaction and property volume had more modest increases of 6 percent and 9 percent, respectively, compared to last year.

The borough’s largest boost in sales came from commercial properties, which accounted for $845.4 million, or 34 percent of all dollar volume. Queens’ priciest commercial deal was Blackstone Group’s $400 million acquisition of Sky View Parc complex in Flushing. Vornado Realty Trust shelled out $142 million for a Long Island City office building along Northern Boulevard and and helped bring commercial dollar volume up 291 percent from the first half of 2014.

“As the economy picks up and consumers become more confident, we’re seeing incredible demand for commercial and retail assets throughout the borough,” said Ariel Property Advisors’ Daniel Wechsler in the report.

Astoria and Long Island City continued to dominate the investment sales market and represented 55 percent of all dollar volume in the borough and 68 percent of transactions. Astoria’s active multifamily market may have helped to entice Kushner Cos. to makes its first purchase in the borough, a four-building portfolio for $51 million.

Adam America also made its first leap into the Queen’s investment sales market, with the purchase of a development site at 22-112 Jackson Avenue for $43.5 million, or $257 per square foot. Development site sales were up slightly year-over-year but dipped from the prior six months. The average sales price for development sites increased to $168 per buildable square feet from $164 during the same period last year.

Over in Brooklyn, investment sales dollar volume too rose, by 74 percent, year-over-year.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

Here’s what the $10M-$30M NYC investment sales market looked like last week
Joseph Chetrit and 118 East 76th Street (Credit: Sylvain Gaboury/Patrick McMullan via Getty Images, Google Maps)

Joseph Chetrit’s townhouse sale led mid-market NYC deals last week

Joseph Chetrit’s townhouse sale led mid-market NYC deals last week
Jason Meister (Photo by Gonzalo Marroquin/Patrick McMullan via Getty Images)

Ackman-Ziff’s Jason Meister moves to new firm

Ackman-Ziff’s Jason Meister moves to new firm
120 Beach 26th Street (Credit: Google Maps)

Far Rockaway site hitting the market for $70M

Far Rockaway site hitting the market for $70M
Clockwise from the left: 200 East 95th Street, 150 East 45th Street and 52 Greene Street (Credit: StreetEasy; Google Maps)

Not quite dead: Trio of mid-market deals in NYC last week

Not quite dead: Trio of mid-market deals in NYC last week
From left: Yoron Cohen, Richard Baxter and Scott Latham (Credit: Linkedin)

Big shakeup at Colliers: Baxter, Cohen, Latham out

Big shakeup at Colliers: Baxter, Cohen, Latham out
Billy Macklowe (right) and David Welsh with renderings of 120 Fifth Avenue in Park Slope (Credit: Macklowe by Patrick McMullan/Patrick McMullan via Getty Images; Senlac Ridge Partners)

Billy Macklowe, David Welsh close on Brooklyn dev site buy

Billy Macklowe, David Welsh close on Brooklyn dev site buy
Jeffrey Lam of Lam Generation and 55-59 Chrystie Street (Credit: LinkedIn; Google Maps)

One more time: A single mid-market i-sale this week

One more time: A single mid-market i-sale this week
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...