New York City investment sales through February 2019

A roundup of news and data on the commercial market

Apr.April 01, 2019 09:00 AM

INVESTMENT SALES IN MANHATTAN AND BROOKLYN

Manhattan investment sales continued a two-month slide in February with $2.23 billion in deals recorded — 17 percent below the 12-month average and down a quarter from the previous month. The top sale of the month went to WeWork, which closed on its $850 million acquisition of the Lord & Taylor building after months of delays. Brooklyn’s investment sales market had a slow February as well, with recorded deals totaling $485 million, 37 percent down from January. The borough’s top deal came from Simon Dushinsky’s Rabsky Group, which sold the Leonard Pointe luxury rental building in Williamsburg to UDR, a Colorado-based landlord, for $130 million.

MANHATTAN INVESTMENT SALES

TOP MANHATTAN INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTING
BROKERAGE
424 Fifth Avenue
(office & department store)
$850 millionWeWork & Rhône Capital /
Hudson’s Bay Company
N/A
34 Desbrosses Street
(luxury rental)
$260 millionRelated Companies /
Jack Parker Corporation
Newmark
Knight Frank
1760 Third Avenue
(student housing)
$213 million60 Guilders & RCG Longview /
Chetrit Group
Meridian
Investment
Sales
670 Broadway (office)$131 millionCara Investment GmbH /
Paramount Group
CBRE

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

BROOKLYN INVESTMENT SALES

TOP BROOKLYN INVESTMENT SALES RECORDED

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
395 Leonard Street
(luxury rental)
$130 millionUDR / Rabsky GroupN/A
406 Pine Street
(office)
$24 millionEsther Blumenfeld /
Yehoshua Fruchthandler
N/A
1260 Atlantic Avenue
(warehouse)
$24 millionCayre Equities /
Atlantic Properties LLC
Marcus &
Millichap
96 North 10th Street
(warehouse)
$23 millionEliyahu Zev Kohn /
Ko-Rec-Type
JLL

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

INVESTMENT SALES I N QUEENS AND THE BRONX

Queens’ investment sale market saw $449 million in deals recorded in February, the lowest dollar volume since September, but still just above the 12-month average. The top deal in the borough was Abingdon Square Partners’ transfer of a Long Island City self-storage facility to Life Storage for $58 million, followed closely by Blackstone Group’s $56 million buy of a warehouse near LaGuardia Airport. The Bronx logged just $150 million in deals in February, a 59 percent decline over January and 30 percent under the 12-month average. The largest deal in the borough went to Home Depot, which bought 1806 East Gun Hill Road — already home to one of its retail locations — from Madison International Realty for $33 million.

QUEENS INVESTMENT SALES

TOP QUEENS INVESTMENT SALES RECORDED

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
29-01 Review Avenue
(self-storage)
$58 millionLife Storage /
Abingdon Square Partners
N/A
83-15 24th Avenue
(warehouse)
$56 millionBlackstone Group /
Steel Equities
N/A
24-16 Queens
Plaza South
(residential development)
$39 millionSilverback Development
& AEW Capital Management /
Greystone Development
N/A
164-11 Chapin Parkway
(nursing home)
$39 millionCassena Care /
CenterLight Health System
N/A

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

BRONX INVESTMENT SALES

TOP BRONX INVESTMENT SALES RECORDED

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
1806 East Gun Hill Road
(big-box retail)
$33 millionHome Depot /
Madison International Realty
N/A
181 East 161st Street
(rental)
$12 millionChaim Hirschfeld /
Related Companies
N/A
50-68 West Fordham
Road
(one-story retail)
$12 millionChestnut Holdings /
Comjem Associates Ltd.
N/A
1920 East Gun Hill
Road (diner)
$10 millionHome Depot /
Madison International Realty
N/A

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


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