The Real Deal New York

New York City investment sales through June 2018

A roundup of news and data on the commercial market
By Adam Pincus | August 01, 2018 12:00PM
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
(office condo)
$633 million (recorded as $596 million)Unnamed Invesco client /
SL Green Realty, Ivanhoe Cambridge
Eastdil
Secured
80 Broad Street
(office)
$223 millionInvesco /
RXR Realty, Colony Capital
Cushman & Wakefield
250 Water Street
(development site)
$183 millionHoward Hughes Corporation /
Milstein Properties
N/A
101 West 57th Street (hotel)$174 millionHilton Grand Vacations /
UBS Asset Management
N/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
and Eagle Street
(development sites)
$148 millionBrookfield Property Partners /
Park Tower Group
N/A
520 Prospect Place
(residential)
$64 millionCassena Care /
Center for Nursing & Rehabilitation
N/A
Caesar’s Bay Bazaar
at 8949 Bay Parkway
(retail)
$40 millionGazit-Globe / Surrey Equities N/A
4525 8th Avenue
(development site)
$28 millionNYC School Construction Authority /
4509 Eighth LLC
N/A

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

Investment sales in Queens and the Bronx

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 /
Sisters of the Order of St. Dominick
N/A
84-01 Roosevelt
Avenue (retail)
$19.1 millionHenderson Holding Group /
Jackson Realty Company
N/A
142-27 Barclay Avenue (apartment)$13.3 millionVanderbilt Realty / C-Hattan Inc.Marcus & Millichap
14-39 31st Avenue
and others
(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
(retail)
$11.7 millionChestnut Holdings /
B&K Realty Management
N/A
3190 Riverdale Avenue
(apartment)
$8.1 millionLAL Property Management /
M Badaly LLC
N/A
150 Van Cortlandt
Avenue East
(development site)
$7.6 millionHousing Partnership
Development Corp. / Stagg Group
N/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.