Retail property sales

The We Company’s $850 million purchase of Lord & Taylor’s Fifth Avenue flagship topped the list of most valuable retail building sales in 2019. The transaction, which was announced in October 2017, took two years to complete after being extended twice by the buyer. This transaction came before the co-working giant filed its plans to go public, then took back said plans and offered its founder Adam Neumann a buyout.

Following the WeWork transaction was Nathan Berman’s Metro Loft Management’s $270 million buy of AIG’s headquarters at 175 Water. Berman plans to convert the top half of the 684,000-square-foot building into residential once AIG’s lease expires in 2021, by which time the company will have left the building vacant following its relocation to the former Time-Life Building in Midtown.

424 Fifth Avenue

Most Valuable Retail Sales in NYC in 2019

1424 Fifth Avenue, Manhattan$850MFebruaryWe CompanyHudson's Bay Company
2175 Water Street, Manhattan$270MOctoberMetro Loft ManagementAIG
3241 West 57th Street, Manhattan$215.6MMarchMoinian Group285-3CC LLC
4856 Remsen Avenue, Brooklyn,
part of a seven-building portfolio
$130MDecemberBlackstone GroupCIM Group
52551 Broadway, Manhattan$114.4MMayParagon Real Estate InvestmentsExtell Development
6187-195 East Houston Street, Manhattan$88.8MJulyNew York City REITMagnum Management; Real Estate Equities Corp.
72085 Ralph Avenue, Brooklyn,
part of a three-building portfolio
$85MNovemberFederal Realty Investment TrustSholom and Zuckerbrot Realty
8145-155 East 42nd Street, Manhattan$75.5MAprilRFR HoldingTishman Speyer
91752 Shore Parkway, Brooklyn$73MOctoberAlgin
Thor Equities
1048-50 East 86th Street, Manhattan$71MDecemberNaftali GroupVornado Realty Trust