Mid-market sales fall off after strong start to 2021

After 25 deals in 3 weeks, FiDi commercial condo was only one recorded across city last week

New York /
Feb.February 02, 2021 08:00 AM
40 Rector Street and Seth Pilevsky (Photos via Google Maps; Literally Stories)

40 Rector Street and Seth Pilevsky (Photos via Google Maps; Literally Stories)

Just one mid-market investment sale was recorded in the last week of January across New York City, after three straight weeks of $100 million or more in deals.

The latest sale totaled $25 million, for two commercial condo units in the Financial District. The total added to the $412 million in mid-market sales spread across 25 properties that were recorded to start the new year. Mid-market sales are between $10 million and $30 million.

The first week of January saw eight deals for $143 million, and it was off to the races until this most recent week.

Here are more details for the week ending Jan. 29.

Philips International sold two commercial condo units totalling 48,800 square feet at 40 Rector Street in the Financial District. The sale price was $25 million. The buyer was the Union of Orthodox Jewish Congregations of America, represented by Mark Bane. Michael Pilevsky signed for the seller.

The newly purchased units represent two of three commercial condos that remained unsold in the building, according to a June 2020 amendment to the building’s offering plan.





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