New York City investment sales through April 2019

A roundup of news and data on the commercial market
By Kevin Sun and Yoryi de la Rosa | June 01, 2019 01:00PM

INVESTMENT SALES IN MANHATTAN AND BROOKLYN

Manhattan investment sales ended a three-month slide in April with $1.42 billion in deals recorded, a 30 percent increase from March but still 41 percent below the 12-month average. The month’s top sale went to Greystar, the country’s largest apartment manager, which picked up Equity Residential’s 800 Sixth Avenue rental tower for $240 million. Brooklyn’s investment sales market slowed down in April, with recorded deals totaling $496 million — 30 percent below both March’s dollar volume and the 12-month average. The borough’s top deal was the acquisition by Alloy Development and Davis Companies of a former addiction treatment clinic from nonprofit Phoenix House for $52 million. The buyers plan to convert the property into condos.

MANHATTAN INVESTMENT SALES

TOP MANHATTAN INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTING
BROKERAGE
800 Sixth Avenue
(rental building)
$240 millionGreystar /
Equity Residential
Cushman
& Wakefield
165 East 66th Street
(rental resi portion)
$200 millionCIM Group /
Crescent Heights
Kassin
Sabbagh Realty
395 Lexington Avenue
& two other lots
(Chrysler Building)
$151 millionRFR Holding & Signa Holding /
Mubadala & Tishman Speyer
CBRE
106 Spring Street
(retail condo)
$79 millionSL Green Realty /
60 Guilders & Carlyle Group
N/A

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

BROOKLYN INVESTMENT SALES

TOP BROOKLYN INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTING
BROKERAGE
42 & 50 Jay Street
(clinic, for condo
conversion)
$52 millionAlloy Development & Davis
Companies / Phoenix House
N/A
151 Kent Avenue
(loft building)
$41 millionDLJ Real Estate /
N. Seidenfeld and Z. Mehl family
JLL
554 4th Avenue
(condo building)
$30 millionSpruce Capital /
Brookland Capital
N/A
1702 East 9th Street
(retail) & 1717 East
8th Street (rental)
$20 millionConcord Capital New York LLC /
Z&K Realty Developers
N/A

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

INVESTMENT SALES IN QUEENS AND THE BRONX

Queens’ investment sales market was relatively flat in April with $301 million in deals recorded, 4 percent lower than March’s tally and 30 percent below the 12-month average. The borough’s top deal was inked by the Collective, the British co-living firm that bought the Paper Factory Hotel at 37-06 36th Street for $58 million. The Bronx investment sales market, meanwhile, saw its most active month in years with $423 million in deals recorded, almost double the 12-month average and more than triple March’s total. The borough’s largest deal was also its largest singleasset multifamily transaction since 2012: Abraham Fruchthandler’s FBE Limited bought a pair of buildings on Story Avenue from Related Companies’ asset-management arm for $88 million.

QUEENS INVESTMENT SALES

TOP QUEENS INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTING
BROKERAGE
37-06 36th Street (hotel,
for co-living conversion)
$58 millionThe Collective /
Gal Sela
N/A
30 properties along
Beach 5th and 6th
Streets (townhomes)
$33 millionTreetop Development /
JDS Development Group
Westwood
Realty
Associates
17-20 Whitestone
Expressway (office)
$24 millionPavers Pension Fund Holding Corp. /
Octagon Realty LLC
N/A
71-15, 71-21 & 71-27
65th Street
(rent-stabilized)
$16 millionRockabill Development & Selfhelp
Community Services /
Urban American Management
Ariel Property
Advisors

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

BRONX INVESTMENT SALES

TOP BRONX INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTING
BROKERAGE
2001 & 2045 Story Avenue
(100% market-rate
rental)
$88 millionFBE Limited /
Related Fund Management
Hodges
Ward Elliott
414 Gerard Avenue & 3
other lots (development
site, mixed-use)
$39 millionDomain Companies /
Treetop Development
Newmark
Knight Frank
3240 Henry Hudson
Parkway (rent-stabilized)
$36 millionNelson Management /
Morris Weintraub Associates
Marcus
& Millichap
708-710 & 740 East
243rd Street
$29 millionNeighborhood Restore
Housing Development Fund Corp. /
Prime Realty Services LLC
N/A

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