New York City investment sales in June 2019

A roundup of news and data on the commercial market

Aug.August 01, 2019 10:00 AM

INVESTMENT SALES IN MANHATTAN AND BROOKLYN

Manhattan investment sales stayed almost flat in June with $3.49 billion in deals recorded,35 percent above the 12-month average. The strong showing was largely thanks to one giant deal, which saw the Related Companies and Allianz buy up WarnerMedia’s 1.5 millionsquare-foot office condominium at 30 Hudson Yards for $2.2 billion. Brooklyn’s investment sales market bounced back somewhat in June with $492 million in deals recorded, 75 percent up from the month prior but still 17 percent below the 12-month average. The borough’s top deal went to the Holterbosch family, a German-American beer dynasty, which picked up a market-rate rental building at 100 South 4th Street from Meadow Partners for $61 million.

MANHATTAN INVESTMENT SALES

TOP MANHATTAN INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTING
BROKERAGE
30 Hudson Yards
(WarnerMedia office
condo)
$2.2 billionRelated Companies & Allianz /
WarnerMedia
Cushman &
Wakefield
355 West 16th Street
(hotel)
$175 millionWorth Capital Holdings 52 LLC /
346 West 17th Street LLC
N/A
511-541 West 25th
Street (office complex,
95 percent stake)
$148 millionArtemis Real Estate Partners /
PGIM Real Estate
Cushman &
Wakefield
142 West 36th Street
(office building)
$82 millionAlduwaliya Asset Management /
Waterman Interests
& USAA Real Estate
Cushman &
Wakefield

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

BROOKLYN INVESTMENT SALES

TOP BROOKLYN INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTING
BROKERAGE
100 South 4th Street
(rental building,
market rate)
$61 millionHolterbosch family /
Meadow Partners
Hodges Ward
Elliott
1000 Dean Street
(commercial building)
$56 millionLIVWRK / Jonathan Butler,
BFC Partners & Goldman Sachs
Urban Investment Group
TerraCRG
1007 Atlantic Avenue
(mixed-use building)
$26 millionClasson Management LLC /
Sterling Town Equities
N/A
240 Broadway
(mixed-use building)
$20 million240 Broadway Property LLC /
Abraham Russak
N/A

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

INVESTMENT SALES IN QUEENS AND THE BRONX

Queens’ investment sales market slowed down in June with $409 million in deals recorded,17 percent down from the previous month and 11 percent below the 12-month average. The borough’s top deals were for a pair of rent-stabilized buildings in Flushing, which Zara Realty acquired for $80 million. The Bronx’s investment sales market continued to regress from April’s peak, with $229 million in deals recorded in June, down 11 percent from the month prior and slightly under the 12-month average. The Holterbosch family made a borough-topping buy here as well, picking up an Amazon last-mile warehouse at 1300 Viele Avenue for $70 million — almost three times what sellers MRP Realty and AEW Capital Management paid for it in 2017.

QUEENS INVESTMENT SALES

TOP QUEENS INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTING
BROKERAGE
140-30/140-50
Ash Avenue
(rent-stabilized building)
$43 millionZara Realty /
Ilias Theodoropoulos
Meridian
Capital
140-60 Beech Avenue
(rent-stabilized building)
$38 millionZara Realty /
Ilias Theodoropoulos
Meridian
Capital
6107-6125 Woodside
Avenue (rent-stabilized
buildings)
$36 millionFisher Associates / Eric MarkelMarcus &
Millichap
11-40 45th Road
(commercial building)
$26 millionGeorge Xu / Radha Soami SocietyN/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/SELLERLISTING
BROKERAGE
1300 Viele Avenue
(Amazon warehouse)
$70 millionHolterbosch family /
MRP Realty
& AEW Capital Management
Cushman &
Wakefield
320 West Fordham
Road (development
site)
$32 millionDynamic Star / Lasala family et al.JLL
135-145 West Kingsbridge
Road
(rent-stabilized building)
$16 millionIgnacio Castillo / The Morgan GroupRosewood
Realty Group
3443 Jerome Avenue
(1-story retail building)
$9 millionRuben Luna /
Leonard Gero & Stephen Freidus
N/A

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


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