New York City investment sales through June 2018

A roundup of news and data on the commercial market

Investment sales in Manhattan and Brooklyn

Manhattan investment sales retreated in June, with just over $2 billion recorded. The figure was a steep decline from May’s $3.6 billion, but was right on the average of the past year. The top sale was Invesco buying the office condo at 1745 Broadway from SL Green Realty and Ivanhoe Cambridge for a reported $633 million (although in transfer documents the price was $596 million). In Brooklyn, buyers recorded $623 million in property sales, a 59 percent decline from the prior month and 10 percent below the 12-month average. The top deal in the borough in June was Brookfield Property Partners purchase of a controlling stake in two development projects in Greenpoint Landing for $148 million.

Manhattan investment sales

Top Manhattan investment sales recorded

PROPERTYSALE PRICEBUYER/SELLERLISTINGS BROKRAGE
1745 Broadway n(office condo)$633 million (recorded as $596 million)Unnamed Invesco client / nSL Green Realty, Ivanhoe CambridgeEastdil nSecured
80 Broad Street n(office)$223 millionInvesco / nRXR Realty, Colony CapitalCushman & Wakefield
250 Water Street n(development site)$183 millionHoward Hughes Corporation /nMilstein PropertiesN/A
101 West 57th Street (hotel)$174 millionHilton Grand Vacations /n UBS Asset ManagementN/A

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

Brooklyn investment sales

Top Brooklyn investment sales recorded

PROPERTYSALE PRICEBUYER/SELLERLISTINGS BROKRAGE
Greenpoint Landing sites on Commercial Street nand Eagle Streetn(development sites)$148 millionBrookfield Property Partners / nPark Tower GroupN/A
520 Prospect Place n(residential)$64 millionCassena Care / nCenter for Nursing & RehabilitationN/A
Caesaru2019s Bay Bazaar nat 8949 Bay Parkway n(retail)$40 millionGazit-Globe / Surrey Equities N/A
4525 8th Avenue n(development site)$28 millionNYC School Construction Authority /n4509 Eighth LLCN/A

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

Investment sales in Queens and the Bronx

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In Queens, investment sales volume reached its lowest level within the past 12 months, with just $191 million in sales recorded. That figure was 44 percent lower than the 12-month average. The top sale was by the Sisters of the Order of St. Dominick, which parted with a school and residential building for $20 million. The Bronx also saw a slow month, with buyers recording $117 million in transactions. That’s less than the $180 million in May and 44 percent below the 12-month average. The largest sale in June was Chestnut Holdings’ purchase of a retail property at 12-18 East 167th Street for $11.7 million.

Queens investment sales

Top Queens investment sales recorded

PROPERTYSALE PRICEBUYER/SELLERLISTINGS BROKRAGE
89-14 161st Street and 89-25 162nd Street (school and residential)$20 millionJJSS Jamaica LLC / nSisters of the Order of St. DominickN/A
84-01 Roosevelt nAvenue (retail)$19.1 millionHenderson Holding Group / nJackson Realty CompanyN/A
142-27 Barclay Avenue (apartment)$13.3 millionVanderbilt Realty / C-Hattan Inc.Marcus & Millichap
14-39 31st Avenue nand others n(development site)$13.25 millionShangri-La LLC / Sithonia LLCN/A

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

Bronx investment sales

Top Bronx investment sales recorded

PROPERTYSALE PRICEBUYER/SELLERLISTINGS BROKRAGE
12-18 East 167th Street n(retail)$11.7 millionChestnut Holdings / nB&K Realty ManagementN/A
3190 Riverdale Avenuen(apartment)$8.1 millionLAL Property Management / nM Badaly LLCN/A
150 Van Cortlandt nAvenue East n(development site)$7.6 millionHousing Partnership nDevelopment Corp. / Stagg GroupN/A
2537 Valentine Avenue$6.8 millionAvdi Realty / Moybros RealtyN/A

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