New York City investment sales through July 2018

A roundup of news and data on the commercial market

Sep.September 01, 2018 09:00 AM
 

INVESTMENT SALES IN MANHATTAN AND BROOKLYN

Manhattan investment sales rose in July, fueled by two deals involving the Walt Disney Company. In the first, the firm sold its office space on West 66th Street to Silverstein Properties for $1.15 billion. In the second, which happened almost simultaneously, the company paid $650 million to Trinity Church Real Estate for a parcel in Hudson Square.

Source: TRData analysis of news reports and NYC Dept. of Finance records in July

Top Manhattan Investment Sales Recorded

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
77 West 66th Street,
47 West 66th Street
and others (office)
$1.15 billionSilverstein Properties /
Walt Disney Company
Eastdil
Secured
4 Hudson Square
(development site)
$650 millionWalt Disney Company /
Trinity Church Real Estate
CBRE
Plaza Hotel at 1 Central
Park South (hotel)
$600 millionQatar’s Katara Hospitality /
Sahara Group, Ashkenazy Acquisition,
Saudi Prince al-Waleed bin Talal
N/A
635 Madison Avenue
(office)
$153 millionL&L Holdings / SL Green RealtyCushman &
Wakefield

Source: TRData analysis of news reports and NYC Dept. of Finance records in July

Buyers recorded $3.4 billion in sales in July, up 51 percent compared with the 12-month average. In Brooklyn, the most expensive deal was All Year Management’s purchase of several buildings, including 450 Union Street, for $61 million. Overall, buyers in the borough recorded $692 million in transactions, which was the same as the 12-month average.

Source: TRData analysis of news reports and NYC Dept. of Finance records in July

Top Brooklyn Investment Sales Recorded

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
450 Union Street
and others
(commercial)
$61 millionAll Year Management /
estate of the investor
Daniel Tinneny
N/A
The Edge
22 North 6th Street
(retail)
$47.3 millionGazit-Globe /
Madison Marquette
HFF
542 Atlantic Avenue
(commercial)
$27.5 millionSterling Town Equities /
James Pappas and others
N/A
90-94 4th Avenue
(development site)
$22.9 millionLevel One Holdings /
94 4TH LLC
N/A

Source: TRData analysis of news reports and NYC Dept. of Finance records in July

INVESTMENT SALES IN QUEENS AND THE BRONX

In Queens, investment sales rose in July compared with June, topping $422 million. That figure was about 19 percent higher than the 12-month average. It was also more than double the prior month. The borough’s top sale in July was A&E Real Estate Holdings’ $127.5 million purchase of a portfolio of buildings, which included 41-40 Denman Street.

Source: TRData analysis of news reports and NYC Dept. of Finance records in July

Top Queens Investment Sales Recorded

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
41-40 Denman Street
and others
(residential)
$127.5 millionA&E Real Estate Holdings /
Treetop Development
Rosewood
Realty Group
144-10 135th Street
(hotel)
$39.7 millionASAP Holdings/
Magna Hospitality Group
N/A
82-46 and 83-15
Lefferts Boulevard
(apartment)
$36 millionCammeby’s International Group /
Lefferts Houses Enterprises,
Kew Gardens Enterprises
N/A
37-02 10th Street
(development site)
$11.5 millionDun Zhang /
10th Street Realty LLC
N/A

Source: TRData analysis of news reports and NYC Dept. of Finance records in July

The seller was Treetop Development. Meanwhile, in the Bronx, buyers recorded $176 million in transactions in total. That was about 13 percent below the 12-month average. The top sale was the purchase of a parcel at 1932 Bryant Avenue for $19.3 million by the Association of New York Catholic Homes.

Source: TRData analysis of news reports and NYC Dept. of Finance records in July

Top Bronx Investment Sales Recorded

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
1932 Bryant Avenue
(development site)
$19.3 millionAssociation of New York Catholic
Homes / Second Farms Neighbor-
hood Housing Development Fund
N/A
2718 and 2719 Morris
Avenue (apartment)
$16.7 millionPrana Investments /
Bilynn Realty III, LLC
N/A
1459 Wythe Place
(apartment)
$14 million1459 Wythe A LLC /
Ridge Holding Corp.
N/A
1888 Westchester
Avenue
(commercial)
$12.3 millionWestchester 1888 Owner /
188 West LLC
N/A

Source: TRData analysis of news reports and NYC Dept. of Finance records in July

 

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