The Real Deal New York

The city’s best-selling residential tower is in Downtown Flushing

A weekly feature bringing you the industry's latest intel
By Christian Bautista | August 23, 2018 05:15PM

The Grand at Sky View Parc at 131-07 40 Road in Flushing

It turns out that New York City’s best-selling new development isn’t in Manhattan. The Grand at Sky View Parc in Flushing took that superlative, according to this week’s market reports.

Residential

Sales | PropertyShark

Onex Real Estate Partners’ the Grand at Sky View Parc in Downtown Flushing ranked as the best-selling residential building for the first half of the year. The study only accounted for new developments. During the period, there were 98 units sold in the property with a median price of $972,500. Another Queens development, Ekstein Development Group’s Dutch LIC, ranked second with 66 sales and a median price of $807.293. Doug Steiner’s Steiner East Village followed, with 64 sales and a median price of $2.3 million. During the period, Ian Schrager’s 160 Leroy Street had the highest median sales price at $5 million. Read the report here.

Sales | RealtyHop

Homebuyers who purchase real estate through LLCs tend to go for pricier homes. In 2017, Manhattan home sales that involved LLCs had a median sales price of $2.7 million, nearly three times the $990,000 median price for purchases without LLCs. The number of home sales under LLCs have sharply risen since 2004, with the segment now accounting for 14 percent of all deals and 25 percent of the value of residential purchases. Read the report here.

Commercial

CRE Volume and Pricing Trends | Ten-X

In the second quarter, the transaction volume for US commercial real estate rose by 1.7 percent year over year to $111.4 billion. For the period, the retail sector stopped its two-year skid, posting deal volume of $20.7 billion, the highest since late 2014. In July, property valuations grew by just 0.1 percent. However, it was enough to continue the extend the streak of growth for the segment to six consecutive months. Read the report here.