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
| PROPERTY | SALE PRICE | BUYER/SELLER | LISTING BROKERAGE |
|---|---|---|---|
| 30 Hudson Yards (WarnerMedia office condo) | $2.2 billion | Related Companies & Allianz / WarnerMedia | Cushman & Wakefield |
| 355 West 16th Street (hotel) | $175 million | Worth Capital Holdings 52 LLC / 346 West 17th Street LLC | N/A |
| 511-541 West 25th Street (office complex, 95 percent stake) | $148 million | Artemis Real Estate Partners / PGIM Real Estate | Cushman & Wakefield |
| 142 West 36th Street (office building) | $82 million | Alduwaliya 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
| PROPERTY | SALE PRICE | BUYER/SELLER | LISTING BROKERAGE |
|---|---|---|---|
| 100 South 4th Street (rental building, market rate) | $61 million | Holterbosch family / Meadow Partners | Hodges Ward Elliott |
| 1000 Dean Street (commercial building) | $56 million | LIVWRK / Jonathan Butler, BFC Partners & Goldman Sachs Urban Investment Group | TerraCRG |
| 1007 Atlantic Avenue (mixed-use building) | $26 million | Classon Management LLC / Sterling Town Equities | N/A |
| 240 Broadway (mixed-use building) | $20 million | 240 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
| PROPERTY | SALE PRICE | BUYER/SELLER | LISTING BROKERAGE |
|---|---|---|---|
| 140-30/140-50 Ash Avenue (rent-stabilized building) | $43 million | Zara Realty / Ilias Theodoropoulos | Meridian Capital |
| 140-60 Beech Avenue (rent-stabilized building) | $38 million | Zara Realty / Ilias Theodoropoulos | Meridian Capital |
| 6107-6125 Woodside Avenue (rent-stabilized buildings) | $36 million | Fisher Associates / Eric Markel | Marcus & Millichap |
| 11-40 45th Road (commercial building) | $26 million | George Xu / Radha Soami Society | N/A |
Source: TRData analysis of news reports and NYC Dept. of Finance records in June
BRONX INVESTMENT SALES
TOP BRONX INVESTMENT SALES RECORDED
| PROPERTY | SALE PRICE | BUYER/SELLER | LISTING BROKERAGE |
|---|---|---|---|
| 1300 Viele Avenue (Amazon warehouse) | $70 million | Holterbosch family / MRP Realty & AEW Capital Management | Cushman & Wakefield |
| 320 West Fordham Road (development site) | $32 million | Dynamic Star / Lasala family et al. | JLL |
| 135-145 West Kingsbridge Road (rent-stabilized building) | $16 million | Ignacio Castillo / The Morgan Group | Rosewood Realty Group |
| 3443 Jerome Avenue (1-story retail building) | $9 million | Ruben Luna / Leonard Gero & Stephen Freidus | N/A |
Source: TRData analysis of news reports and NYC Dept. of Finance records in June