New York City investment sales through March 2019

A roundup of news and data on the commercial market
By Kevin Sun and Yoryi de la Rosa | May 01, 2019 04:00PM

INVESTMENT SALES IN MANHATTAN AND BROOKLYN

Manhattan investment sales fell for the third straight month with just $1.12 billion in deals recorded in March, the lowest monthly dollar volume since September 2017. The top sale of the month came from Sam Chang’s McSam Hotel Group, which sold a newly constructed hotel at 338 West 36th Street in the Garment District to Magna Hospitality Group for $274 million. Meanwhile, Brooklyn’s investment sales market bounced back with recorded deals totaling $710 million in March, 6 percent below the 12-month average. The borough’s top deal was made by Steiner NYC, which sold a majority stake in 333 Schermerhorn Street to a JPMorgan Chase real estate equity fund for $253 million.

MANHATTAN INVESTMENT SALES

TOP MANHATTAN INVESTMENT SALES RECORDED

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
338 West 36th Street (hotel)$274 millionMagna Hospitality Group / McSam Hotel GroupN/A
3 Columbus Circle
(office condo, leaseback)
$216 millionMoinian Group /
Young & Rubicam
CBRE
9-11 West 54th Street
(single- family homes)
$55 millionSkyline Developers /
DLJ Real Estate & J.D. Carlisle
Corcoran Group
5 East 51st Street
(residential, for office
development)
$44 millionMacklowe Properties /
Noam Management
N/A

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

BROOKLYN INVESTMENT SALES

TOP BROOKLYN INVESTMENT SALES RECORDED

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
333 Schermerhorn Street
(residential, 62% stake)
$253 millionJP Morgan /
Steiner NYC
N/A
62 Imlay Street
(warehouse)
$100 millionPrime Storage /
Fruchthandler & Schron families
Capital Property Partners
500 Kent Avenue
(development site
$50 millionHampshire Properties et al. /
Con Edison
N/A
1215 Fulton Street
(development site)
$33 millionThe Collective & Tower Holdings Group / Industrie CapitalN/A

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

INVESTMENT SALES IN QUEENS AND THE BRONX

Queens’ investment sales market continued to regress from its October spike, falling below the 12-month average in March for the first time in half a year with just $313 million in recorded deals. The borough’s top trade was also its largest multifamily deal of 2019, as HUBB NYC bought a 114-unit Astoria property from Mega Contracting Group and Treeline Companies for $75 million. The Bronx had another slow month, with just $133 million in recorded deals in March, 34 percent below the 12-month average. The two eight-digit deals in the borough went to Lightstone Group, which picked up a pair of South Bronx waterfront dev sites from Pantheon Properties and Borden Realty for a total of $59 million.

QUEENS INVESTMENT SALES

TOP QUEENS INVESTMENT SALES RECORDED

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
31-57 31st Street
(residential)
$75 millionHUBB NYC /
Mega Contracting Group
& Treeline Companies
JLL
976 Cypress Avenue (self-storage)$43 millionExtra Space Storage & PGIM / LSC DevelopmentN/A
135-01 35th Avenue
(development site)
$16 millionCentury Development Group / Stemmax RealtyN/A
22-04 Collier Avenue
(residential)
$14 millionResidential Management /
E&M Associates
N/A

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

BRONX INVESTMENT SALES

TOP BRONX INVESTMENT SALES RECORDED

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
399 Exterior Street
(development site)
$31 millionLightstone Group /
Pantheon Properties
Ackman-Ziff
355 Exterior Street
(development site)
$28 millionLightstone Group /
Borden Realty
Ackman-Ziff
250 Willis Avenue (retail)$7 millionJose Medina /
Manuel Medina
N/A
2709 Heath Avenue (residential)$7 millionZeqe Mehmetaj /
Emerald Equity Group
Westwood Realty
Associates

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