The Real Deal New York

New York City investment sales through October 2018

A roundup of news and data on the commercial market
By Kevin Sun and Yoryi de la Rosa | December 01, 2018 10:00AM

INVESTMENT SALES IN MANHATTAN AND BROOKLYN

Manhattan’s recorded investment sales totaled over $3 billion in October, up 28 percent from September. L&L Holding and Normandy Real Estate Partners notched the top sale with their $880 million purchase of the full-block Terminal Stores building in Chelsea. Brooklyn rebounded from a slow September with $713 million in recorded sales in October, nearly equal to the rolling 12-month average. The largest deal in the borough was Vanbarton Group’s sale of a rental building at 33 Caton Place to the Dermot Company for $75 million.

MANHATTAN INVESTMENT SALES

 

TOP MANHATTAN INVESTMENT SALES RECORDED

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
Terminal Stores,
271 11th Avenue (office)
$880 millionL&L Holding Company,
Normandy Real Estate Partners / Waterfront New York, GreenOak Real Estate Advisors LP
CBRE
101 Barclay Street
(office)
$352 millionBank of New York Mellon /
City of New York
N/A
400 Madison Avenue
(office)
$194.5 millionDaishin Securities /
ASB Capital Management
N/A
Hotel Indigo,
180 Orchard Street (hotel)
$162.5 millionMRR Development /
Brack Capital Real Estate
N/A

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

BROOKLYN INVESTMENT SALES

TOP BROOKLYN INVESTMENT SALES RECORDED

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
33 Caton Place
(residential))
$75 millionDermot Company /
Vanbarton Group
HFF
25 Paidge Avenue
(industrial)
$62 millionTwo Trees Management /
Zenith Energy
N/A
109 25th Street
(infrastructure,
easement)
$47 millionMorgan Stanley / Macquarie
Infrastructure Corporation
N/A
8713-8721 Fifth Avenue (commercial)$16 millionFour Asteria Realty /
AR Global Investments
N/A

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

INVESTMENT SALES IN QUEENS AND THE BRONX

Queens investment sales swung from a 12-month low in September to a 12-month high in October with $727 million in recorded deals. The total was boosted from the month’s top sale, in which Simon Baron Development bought out partner Quadrum Global’s stake in the rental complex at 29-22 Northern Boulevard for $313 million, more than four times as much as the second-largest deal in the borough. Meanwhile, recorded investment sales in the Bronx regressed to the 12-month average in October, totaling $238 million. Portfolio deals were all the rage in the Bronx in October, with Heritage Realty acquiring six buildings from Exact Capital for $15.4 million and Quality Communities — a joint venture of Taconic Investment and Clarion Partners — picking up two apartment buildings from City Skyline Realty for $27.8 million.

QUEENS INVESTMENT SALES

TOP QUEENS INVESTMENT SALES RECORDED

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
29-22 Northern
Boulevard
(co-living, partner stake)
$313 millionSimon Baron Development / Quadrum GlobalN/A
The Bindery, 30-02 38th Avenue (industrial$75 millionAlexandria Real Estate
Equities / Brickman Real Estate
Cushman & Wakefield
27-17 42nd Road
(residential, 70% stake)
$67 millionStar Tower Condominium LLC / Eastern Star DevelopmentN/A
58-30 Grand Avenue (warehouse)$39 millionInnovo Property Group /
Nathan Indig
Meridian
Capital Group

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

BRONX INVESTMENT SALES

TOP BRONX INVESTMENT SALES RECORDED

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
442 E. 176 Street
and five others
(residential)
$15.4 millionHeritage Realty /
Exact Capital
N/A
1534 Selwyn Avenue (residential)$15.3 millionQuality Communities /
City Skyline Realty
N/A
1197 Grand Concourse (residential)$12.6 millionQuality Communities /
City Skyline Realty
N/A
296 Grand Concourse
(development site)
$10.3 millionJCS Realty /
Henry Kessler et al.
N/A

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