The Real Deal New York

New York City investment sales through November 2018

A roundup of news and data on the commercial market
By Kevin Sun and Yoryi de la Rosa | January 01, 2019 10:00AM

INVESTMENT SALES IN MANHATTAN AND BROOKLYN

Manhattan investment sales dipped dramatically in November, totaling just under $1.5 billion, less than half of October’s total. The top sale was of the office tower at 425 Lexington Avenue, which Vanbarton Group bought from JPMorgan Chase for $701 million in the month’s only deal worth more than $100 million. Brooklyn had a similarly slow November, with just $444 million in sales recorded, a 37 percent decline from October. The largest deal in the borough was Jonathan Rose Companies’ acquisition of an affordable housing complex at 9000 Shore Road in Bay Ridge, which NYU Langone sold for $149 million. No other property in the borough changed hands for more than $20 million in November.

MANHATTAN INVESTMENT SALES

TOP MANHATTAN INVESTMENT SALES RECORDED

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
425 Lexington Avenue
(office)
$701 millionVanbarton Group /
JPMorgan Chase
HFF
2330 Broadway
(development site,
senior housing)
$61 millionWelltower and Hines /
Beekman Estate
N/A
160 East 89th Street
(residential)
$55 millionDitmas Management /
William J. Diamond et al.
CBRE
260 East 72nd Street
(development site)
$47 millionChetrit Group /
SL Green
Iron Hound Management

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

BROOKLYN INVESTMENT SALES

TOP BROOKLYN INVESTMENT SALES RECORDED

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
9000 Shore Road
(residential)
$149 millionJonathan Rose Companies /
NYU Langone
Newmark Knight Frank
86-92 Atlantic Avenue (residential)$16 millionHighpoint Property Group /
Tulip Associates
N/A
111 Woodruff Avenue (residential)$14 millionGreenroad Capital /
Nessim Tamman
GFI Realty
11 Crooke Avenue
(residential)
$13 millionGreenroad Capital /
Nessim Tamman
GFI Realty

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

INVESTMENT SALES IN QUEENS AND THE BRONX

For the second consecutive month, Queens investment sales were pushed to historic highs by one blockbuster deal. Blackstone Group’s $475 million buy of the Parker Towers housing complex in Forest Hills accounted for nearly 70 percent of the borough’s investment sales volume, which totaled $679 million. The Bronx, on the other hand, fell to a new low in November, with a total of less than $100 million in recorded sales — with no single property selling for more than $10 million. The big story in the borough was a 14-property portfolio sale from MGS Associates to a trio of individual investors, which included nine Bronx and five Manhattan apartment buildings.

QUEENS INVESTMENT SALES

TOP QUEENS INVESTMENT SALES RECORDED

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
104-20 Queens
Boulevard
(residential complex)
$475 millionBlackstone Group /
Jack Parker Corporation
Newmark Knight Frank
52-34 Van Dam Street (homeless shelter, ex-hotel)$36.5 millionShulem Herman /
Lam Group
N/A
39-04 Northern
Boulevard
(development site)
$31 millionBay Ridge Auto Group /
Marathon Petroleum
Ackman-Ziff
37-59 81st Street
(hotel, unfinished)
$15 millionYu Ting Zheng /
Ji Juan Lin
N/A

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

BRONX INVESTMENT SALES

TOP BRONX INVESTMENT SALES RECORDED

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
246 East 199th Street (residential)$8.3 millionMB Capital Asset Management / Turuk familyHighcap Group
2820 Decatur Avenue (residential)$8.1 millionEden Ashourzadeh et al. / MGS AssociatesMarcus &
Millichap
2728 Marion Avenue
(residential)
$5.6 millionEden Ashourzadeh et al. /
MGS Associates
Marcus &
Millichap
395 East 197th Street (residential)$4.6 millionEden Ashourzadeh et al. /
MGS Associates
Marcus &
Millichap

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