HITTING NEW BENCHMARKS

QUEEN’S TALLEST AND PRICIEST CONDO TOWER

Chris Jiashu Xu’s 803-unit project at 23-15 44th Drive in Long Island City broke two records. At 964 feet and with a $1 billion projected sellout, it is set to be the tallest tower in Queens and the priciest condo project in the borough. Xu financed the construction of the building with a $502 million construction loan from JPMorgan Chase.

BROOKLYN’S PRICIEST
RESIDENTIAL SALE

In December, Matt Damon bought the penthouse at the Standish at 171 Columbia Heights in Brooklyn Heights for $16.75 million, making it the borough’s priciest residential sale ever. The 6,218-square-foot condo is on the 12th floor of the DDG and Westbrook Partners building. Damon’s buy broke the previous record of $15.5 million.

MANHATTAN’S LARGEST OFFICE TENANT

With a 258,000-square-foot lease at 21 Penn Plaza in
September, the We Company — formerly known as WeWork — became Manhattan’s largest office tenant, inching ahead of JPMorgan Chase. The lease at TH Real Estate’s building secured the co-working behemoth 10 floors, bringing its total square footage to over 5.3 million square feet.

UPPER MANHATTAN’S PRICIEST CONDOMINIUM SALE

Developer Artimus Construction sold a $9.4
million penthouse at its Circa Central Park project in October, making it the most expensive condominium sold north of 96th Street on Manhattan’s West Side and above 102nd Street on the East Side. The 3,734-square-foot unit at 285 West 110th Street sold at a 4 percent discount.

PRICIEST BRONX DEVELOPMENT SITE TRADE

In April, Somerset Partners and the Chetrit Group sold their development sites at 101 Lincoln Avenue and 2401 Third Avenue in Mott Haven to Brookfield Property Partners. The $165 million sale clinched the title of most expensive development site ever traded in the borough. The joint venture originally acquired the property for $58 million in 2015

BIGGEST EB-5 FAILURE

The New York Wheel officially died in 2018, making it the biggest EB-5 failure in terms of dollar volume in the city’s history. The project, which attracted 412 investors and $206 million, was ultimately
shut down in late September, after investors failed to receive a tax-exempt bond issuance for it.

RECORD NUMBER OF WOMEN
ON THE BOARD OF REITS

A record number of women were elected to the boards of U.S. real estate investment trusts in 2018. Forty-nine of the 94 directors elected, or 52 percent, were women, up 11 percentage points from the prior year. While this is good news in a male-dominated sector, just eight of the 192 REITs have female chief executives.

CHELSEA’S
PRICIEST INVESTMENT SALE

Google’s acquisition of Chelsea Market was
the most expensive deal ever in the neighborhood. The $2.4 billion purchase of 75 Ninth Avenue is the second-largest in the city’s history, behind Boston Properties’ purchase of the GM Building from Harry Macklowe in 2008 for $2.9 billion. Only one other single-building deal has broken the $2 billion threshold — HNA Group’s 2017 purchase of 245 Park Avenue for $2 billion.

PRICIEST DOWNTOWN MANHATTAN RESIDENTIAL SALE

In April, the $59 million purchase at 501 West 24th Street tipped the scales as the priciest residential sale ever in Downtown Manhattan. Private equity exec Robert Smith bought the penthouse at the Getty, which was first listed for $71 million. The Victor Group and Michael Shvo project has a projected sellout of $146.5 million