New York City investment sales through January 2019

A roundup of news and data on the commercial market

Mar.March 01, 2019 12:00 PM

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

PROPERTYSALE PRICEBUYER/SELLERLISTING
BROKERAGE
One Dag Hammarskjöld
(office)
$566 millionRockpoint Group /
Ruben Companies
Cushman &
Wakefield
850 Third Avenue
(office)
$422 millionChetrit Group /
HNA Group
MHP
119 West 56th Street
(hotel)
$390 millionGFI Capital Resources &
Elliott Management / Jack Parker
Corporation
Newmark
Knight Frank
212 East 42nd Street
(hotel)
$278 millionDavidson 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

PROPERTYSALE PRICEBUYER/SELLERLISTING
BROKERAGE
75-81 20th Street
and others (warehouse
development site)
$255 millionDov Hertz, Bridge Development
& Banner Oak Capital /
601W Companies
Moshe Majeski
333 Johnson Avenue
(warehouse)
$52.5 millionSteel Equities /
Normandy Real Estate Partners
Pinnacle
Realty
105 Evergreen Avenue
(warehouse)
$47 millionUovo /
Halcyon Management Group
Kassin Sabbagh
Realty
424 Bedford Avenue
(residential)
$44 millionGlobal 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

PROPERTYSALE PRICEBUYER/SELLERLISTING
BROKERAGE
22-09 Queens Plaza North
& 22-09 41st Avenue
(development site)
$80 millionCriterion Group /
PEC Realty Corporation
Amorelli
Realty
23-30 Borden Avenue
(warehouse)
$75 millionInnovo Property Group /
Atlas Capital Group
Cushman &
Wakefield
48-49 35th Street
(warehouse)
$72 millionNorth River Company /
Metropolitan Realty Associates
& TH Real Estate
Cushman &
Wakefield
28-15 34th Street
(residential)
$25 millionPete 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

PROPERTYSALE PRICEBUYER/SELLERLISTING
BROKERAGE
1500 Bassett Avenue
(warehouse)
$115 millionRealterm Logistics /
Modell's Sporting Goods
CBRE
980 East 149th Street
(warehouse)
$57 millionTurnbridge Equities /
Con-Agg Recycling
N/A
201 East 164th Street
(residential)
$24 millionLightstone Group /
Sheridan Court Mews Associates
Westbridge
Realty Group
820 Boynton Ave
(parking)
$18.5 millionBernard Jacobowitz /
Jacob Schwimmer
N/A

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


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