New York City investment sales through December 2018

A roundup of news and data on the commercial market

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/SELLERLISTINGnBROKERAGE
1 Morningside Drive and 4 othersn(residential, 80% stake)$607 millionInvesco Real Estate /nAvalonBay CommunitiesN/A
Park Centralnat 870 Seventh Avenuen(hotel-condominium)$366 millionHighgate Hotels /nPebblebrook Hotel TrustN/A
271 West 47th Streetn(residential)$290 millionGreenOak Real Estate,nSlate Property Group /nJack Parker CorporationNewmarknKnight Frank
114 West 41st Streetn(office and retail)$282 millionClarion Partners /nBlackstoneNewmarknKnight 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/SELLERLISTINGnBROKERAGE
44 Ferris Streetnand 5 othersn(development sites)$303 millionUPS / Sitex GroupN/A
30 Front Streetn(development site)$91 millionFortis Property Group /nJehovahu2019s WitnessesN/A
500 DeKalb Avenuen(office)$23 millionJoseph Heimann /nJonas EquitiesN/A
545 Broadwayn(office)$22 millionAcuity Capital Partners /nBlesso PropertiesJLL

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

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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/SELLERLISTINGnBROKERAGE
1 QPS Towernat 42-20 24th Streetn(residential)$284 millionCarlyle Group /nProperty Markets Group,nHakim Organization, New ValleyN/A
124-16 31st Avenuen(self-storage)$37 millionCubeSmart /nStorage DeluxeN/A
56-72 49th Placen(warehouse)$17 millionPing Yeung /nKi Tai YeungN/A
72-35 Broadwayn(bank)$14 millionDa Bronx LLC /nSterling National BankN/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/SELLERLISTINGnBROKERAGE
2304 Sedgwick Avenuen(residential)$15 millionDesai Real Estate /nPrana InvestmentsN/A
188 East 135th Streetn(office)$11 millionJacob Sofer /nG.A.D. Holding Corp.N/A
2350 Cambreleng Avenuen(residential)$10 millionAmit Doshi /nJoseph LocascioN/A
1535 Taylor Avenuen(residential)$9 millionJoel Werzberger /nBluestone GroupN/A

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