New York City investment sales through December 2018

A roundup of news and data on the commercial market

Feb.February 01, 2019 09:00 AM

INVESTMENT SALES IN MANHATTAN AND BROOKLYN

Manhattan investment sales ended 2018 on a high note, exceeding $4.4 billion in deals recorded in December, nearly double the 12-month average. The top sale was for an 80 percent stake in five Manhattan properties, including 1 Morningside Drive, that AvalonBay Communities sold to Invesco for $607 million. Brooklyn saw $801 million in sales recorded in December, somewhat above average for the year and an 80 percent increase from November. The largest deal in the borough was UPS’ acquisition of six waterfront development sites in Red Hook, which Sitex Group sold for $303 million.

MANHATTAN INVESTMENT SALES

TOP MANHATTAN INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTING
BROKERAGE
1 Morningside Drive and 4 others
(residential, 80% stake)
$607 millionInvesco Real Estate /
AvalonBay Communities
N/A
Park Central
at 870 Seventh Avenue
(hotel-condominium)
$366 millionHighgate Hotels /
Pebblebrook Hotel Trust
N/A
271 West 47th Street
(residential)
$290 millionGreenOak Real Estate,
Slate Property Group /
Jack Parker Corporation
Newmark
Knight Frank
114 West 41st Street
(office and retail)
$282 millionClarion Partners /
Blackstone
Newmark
Knight Frank

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

BROOKLYN INVESTMENT SALES

TOP BROOKLYN INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTING
BROKERAGE
44 Ferris Street
and 5 others
(development sites)
$303 millionUPS / Sitex GroupN/A
30 Front Street
(development site)
$91 millionFortis Property Group /
Jehovah’s Witnesses
N/A
500 DeKalb Avenue
(office)
$23 millionJoseph Heimann /
Jonas Equities
N/A
545 Broadway
(office)
$22 millionAcuity Capital Partners /
Blesso Properties
JLL

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

INVESTMENT SALES IN QUEENS AND THE BRONX

Queens investment sales declined again in December, but stayed well above average for the year with $548 million in sales recorded. More than half of that sum came from Carlyle Group’s $284 million purchase of the 1 QPS rental tower in Long Island City, which was previously co-owned by Property Markets Group, the Hakim Organization and Howard Lorber’s New Valley. The Bronx saw almost 40 percent more sales volume in December than the month before with $137 million recorded, but remained well below its annual average. The borough’s largest deal was the $15 million sale of a 57-unit rental building at 2304 Sedgwick Avenue by Prana Investments to Desai Real Estate.

QUEENS INVESTMENT SALES

TOP QUEENS INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTING
BROKERAGE
1 QPS Tower
at 42-20 24th Street
(residential)
$284 millionCarlyle Group /
Property Markets Group,
Hakim Organization, New Valley
N/A
124-16 31st Avenue
(self-storage)
$37 millionCubeSmart /
Storage Deluxe
N/A
56-72 49th Place
(warehouse)
$17 millionPing Yeung /
Ki Tai Yeung
N/A
72-35 Broadway
(bank)
$14 millionDa Bronx LLC /
Sterling National Bank
N/A

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

BRONX INVESTMENT SALES

TOP BRONX INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTING
BROKERAGE
2304 Sedgwick Avenue
(residential)
$15 millionDesai Real Estate /
Prana Investments
N/A
188 East 135th Street
(office)
$11 millionJacob Sofer /
G.A.D. Holding Corp.
N/A
2350 Cambreleng Avenue
(residential)
$10 millionAmit Doshi /
Joseph Locascio
N/A
1535 Taylor Avenue
(residential)
$9 millionJoel Werzberger /
Bluestone Group
N/A

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


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