INVESTMENT SALES IN MANHATTAN AND BROOKLYN
Manhattan investment sales in January reached just over $3 billion in deals recorded— 12 percent above the 12-month average, but down 30 percent from December’s peak. The top sale was of the office building One Dag Hammarskjöld, which Rockpoint Group bought from the Ruben Companies for $566 million. Brooklyn held steady in January, with recorded deals totaling $773 million, just 5 percent above the 12-month average and down 3.5 percent from the previous month. Warehouse deals dominated once again, and the largest sale saw Dov Hertz, Bridge Development Partners and Banner Oak Capital Partners team up for a $255 million last-mile play at Sunset Industrial Park.
MANHATTAN INVESTMENT SALES
TOP MANHATTAN INVESTMENT SALES RECORDED
| PROPERTY | SALE PRICE | BUYER/SELLER | LISTING BROKERAGE |
|---|---|---|---|
| One Dag Hammarskjöld (office) | $566 million | Rockpoint Group / Ruben Companies | Cushman & Wakefield |
| 850 Third Avenue (office) | $422 million | Chetrit Group / HNA Group | MHP |
| 119 West 56th Street (hotel) | $390 million | GFI Capital Resources & Elliott Management / Jack Parker Corporation | Newmark Knight Frank |
| 212 East 42nd Street (hotel) | $278 million | Davidson Kempner / Host Hotels and Resorts | JLL |
Source: TRData analysis of news reports and NYC Dept. of Finance records in January
BROOKLYN INVESTMENT SALES
TOP BROOKLYN INVESTMENT SALES RECORDED
| PROPERTY | SALE PRICE | BUYER/SELLER | LISTING BROKERAGE |
|---|---|---|---|
| 75-81 20th Street and others (warehouse development site) | $255 million | Dov Hertz, Bridge Development & Banner Oak Capital / 601W Companies | Moshe Majeski |
| 333 Johnson Avenue (warehouse) | $52.5 million | Steel Equities / Normandy Real Estate Partners | Pinnacle Realty |
| 105 Evergreen Avenue (warehouse) | $47 million | Uovo / Halcyon Management Group | Kassin Sabbagh Realty |
| 424 Bedford Avenue (residential) | $44 million | Global Holdings Group / East End Capital Partners | Hodges Ward Elliott |
Source: TRData analysis of news reports and NYC Dept. of Finance records in January
INVESTMENT SALES IN QUEENS AND THE BRONX
Queens investment sales ticked up slightly in January with $602 million in deals recorded, exceeding $500 million for the fourth straight month. The top deal in the borough was Criterion Group’s acquisition of a Long Island City development site for just under $80 million, after a lawsuit from the seller, PEC Realty, was dismissed. The Bronx started the year strong with over $367 million in deals recorded in January, nearly 70 percent more than the 12-month average, and the second-highest volume in the past year. Nearly a third of that sum came from the borough’s largest deal of the month, in which Maryland-based Realterm Logistics paid $115 million to buy a Morris Park warehouse from Modell’s Sporting Goods.
QUEENS INVESTMENT SALES
TOP QUEENS INVESTMENT SALES RECORDED
| PROPERTY | SALE PRICE | BUYER/SELLER | LISTING BROKERAGE |
|---|---|---|---|
| 22-09 Queens Plaza North & 22-09 41st Avenue (development site) | $80 million | Criterion Group / PEC Realty Corporation | Amorelli Realty |
| 23-30 Borden Avenue (warehouse) | $75 million | Innovo Property Group / Atlas Capital Group | Cushman & Wakefield |
| 48-49 35th Street (warehouse) | $72 million | North River Company / Metropolitan Realty Associates & TH Real Estate | Cushman & Wakefield |
| 28-15 34th Street (residential) | $25 million | Pete Eliou / Previti & Associates | Golden Key Realty Group |
Source: TRData analysis of news reports and NYC Dept. of Finance records in January
BRONX INVESTMENT SALES
TOP BRONX INVESTMENT SALES RECORDED
| PROPERTY | SALE PRICE | BUYER/SELLER | LISTING BROKERAGE |
|---|---|---|---|
| 1500 Bassett Avenue (warehouse) | $115 million | Realterm Logistics / Modell's Sporting Goods | CBRE |
| 980 East 149th Street (warehouse) | $57 million | Turnbridge Equities / Con-Agg Recycling | N/A |
| 201 East 164th Street (residential) | $24 million | Lightstone Group / Sheridan Court Mews Associates | Westbridge Realty Group |
| 820 Boynton Ave (parking) | $18.5 million | Bernard Jacobowitz / Jacob Schwimmer | N/A |
Source: TRData analysis of news reports and NYC Dept. of Finance records in January