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New York City investment sales through August 2018
A roundup of news and data on the commercial market
Manhattan investment sales declined sharply in August, with just over $1.4 billion recorded, the lowest this year. The nearly 60 percent drop from July continued a pattern of peaks and valleys over the past six months. The top sale was of Savanna’s newly built Chelsea540 office building to Dallas-based Ramrock Real Estate for $257 million. In Brooklyn, the most expensive sale went to affordable-housing developer Breaking Ground, which bought a development site at 90 Sands Street from RFR Realty for $170 million. Total sales in the borough came to $775 million, continuing a gradual three-month rise after large spikes in April and May.
| PROPERTY | SALES PRICE | BUYER/SELLER | LISTINGnBROKERAGE |
|---|---|---|---|
| Chelsea540n(office and retail) | $257 million | Ramrock Real Estate /nSavanna | Lincoln PropertynCompany /nCushman & Wakefield |
| 201-203 Eastn76th Street andntwo other buildingsn(development site) | $164 million | Northwell Health, The UniversitynFinancing Foundation /nGPG Properties | Cushman &nWakefield |
| 685 Fifth Avenuen(office) | $135 million | Michael Shvo /nGeneral Growth Properties | N/A |
| 220 East 42nd Streetn(office condo) | $92 million | Visiting Nurse Servicenof New York / SL Green | Cushman &nWakefield |
| PROPERTY | SALES PRICE | BUYER/SELLER | LISTINGnBROKERAGE |
|---|---|---|---|
| 90 Sands Streetn(development site) | $170 million | Breaking Ground /nRFR Realty | N/A |
| 169 Tillary Streetn(development site) | $60 million | Bruman Realty /nSTA Parking Corp | N/A |
| 2911 West 36th Streetn(residential) | $50 million | Spencer Equity /nThe Orbach Group | N/A |
| 46 Crown Streetn(development site) | $41 million | Carmel Partners /nCornell Realty Management | N/A |
| PROPERTY | SALES PRICE | BUYER/SELLER | LISTINGnBROKERAGE |
|---|---|---|---|
| 82-11 37th Avenuen(office) | $56 million | Rockfarmer Properties,nRWN Real Estate Partners /nEstate of Carlo Cinganelli | N/A |
| New York ArmeniannHome at 137-31 45thnAvenue (residential) | $50 million | Eastone Equities /nArmenian WelfarenAssociation of New York | N/A |
| 11-01 43rd Avenuen(hotel) | $32 million | Merchants Hospitality Group /nEstate of Henry Zilberman | N/A |
| 29-32 Beach ChannelnDrive (residential) | $19 million | Coney Realty Group /nFrisben Realty | N/A |
| PROPERTY | SALES PRICE | BUYER/SELLER | LISTINGnBROKERAGE |
|---|---|---|---|
| 288 Walton Avenuen(development site) | $17 million | Heatherwood Communities /n FBE Limited | Capital PropertynPartners |
| 3340 FortnIndependence Streetn(residential) | $15 million | 3340 KNBG LLC /nFort Sheri Realty LLC | N/A |
| 769 Bryant Avenuen(residential) | $9 million | Bryant Properties 769 LLC /nIsaac Kassirer | ZP Realty Capital /nWestwood RealtynAssociates |
| 870 Eastn162nd Streetn(residential)n | $8 million | Geel East 162nd StreetnHousing DevelopmentnFund Corporation /nThe Housing Outreach Fund | N/A |