New York City investment sales through September 2018

A roundup of news and data on the commercial market

INVESTMENT SALES IN MANHATTAN AND BROOKLYN

Manhattan investment sales bounced back in September with over $2.3 billion in deals recorded, up 68 percent from August and just under the average for the past 12 months. The top sale was the commercial space in the Marriott Marquis at 1535 Broadway, which Vornado bought from Host Hotels & Resorts for $442 million. Brooklyn saw its slowest month in the past year with just $438 million in sales recorded, none of which exceeded $40 million. The largest of those was the sale of a former orphanage by the Sisters of Mercy to Barone Management, which is planning a mixed-use project on the site. Meanwhile, Jonas Equities scooped up two properties in Sheepshead Bay for a total of $60 million.

Top manhattan investment sales recorded

PROPERTYSALES PRICEBUYER/SELLERLISTINGnBROKERAGE
1535 Broadwayn(commercial condosnwithin hotel)$442 million Vornado Realty Trust/nHost Hotel & ResortsN/A
101 West End Avenuen(residential)$416 millionDermot Company & PGGM/nEquity ResidentialCushman &nWakefield
183 Madison Avenuen(office)$220 millionAPF Properties/TishmannSpeyer & Cogswell-Lee RealtyCBRE
520 West 43rd Streetn(residential)$193 millionDermot Company, PGGM et al./nAEW Capital ManagementCushman &nWakefield

Brooklyn investment sales

Top Brooklyn investment sales recorded

PROPERTYSALES PRICEBUYER/SELLERLISTINGnBROKERAGE
6301 12th Avenuen(development site)$37.5 millionBarone Management/nSisters of MercyCBRE
2355 East 12th Streetn(residential)$32 millionJonas Equities/nR&C ManagementN/A
1775 East 18th Streetn(residential)$28 millionJonas Equities/SusannSchoenfeld & Steven BreitmanMarcus &nMillichap
235 Park Avenuen(self-storage)$27 millionMaddd Equities & Cayre Equities/nWarren Diamond & John del MonacoN/A

INVESTMENT SALES IN QUEENS AND THE BRONX

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Queens investment sales hit a 12-month low in September with just $137 million in deals recorded, less than half the 12-month average. The top sale of the month was for a self-storage site in Jamaica, which Cayre Equities sold to Prime Group Holdings for $26.5 million,more than double any other sale recorded in the borough that month. The Bronx, on the otherhand, saw sales hit a 12-month high of $392 million in September, more than double any of the four months prior. Forty percent of that total came from two big South Bronx purchases by Brookfield, which kicked off its first Bronx development by acquiring 2401 Third Avenue and 101 Lincoln Avenue from Chetrit Group and Somerset Partners, for a total of $165 million.

Queens investment sales

Top queens investment sales recorded

PROPERTYSALES PRICEBUYER/SELLERLISTINGnBROKERAGE
109-09 180th Streetn& 180-05 110th Avenuen(self-storage)$26.5 millionPrime Group Holdings/nCayre EquitiesN/A
38-09 28th Street a.k.a.n28-08 38th Avenuen(industrial)$10 millionRealty 38 LLC/nMunder RealtyMarcus &nMillichap
135-23 RooseveltnAvenue (commercial)$9.5 millionTerrence Cheng/nTomilu Corp.N/A
46-12 70th Street &n69-39 47th Avenuen(assemblage parcels)$5 millionMadison Realty Capital/nAtlas Floral DecoratorsN/A

Bronx investment sales

Top Bronx investment sales recorded

PROPERTYSALES PRICEBUYER/SELLERLISTINGnBROKERAGE
101 Lincoln Avenuen(residential)$125 millionBrookfield Property Partners/nChetrit Group & Somerset PartnersCushman &nWakefield
2401 Third Avenuen(residential)$40 millionBrookfield Property Partners/nChetrit Group & Somerset PartnersCushman &nWakefield
1150, 1166 andn1184 River Avenuen(development site)$25 millionNYC Housing Partnership/nRiver Avenue Realty Corp.N/A
2198 Cruger Avenuen(residential)$22.5 millionLightstone Group/nMartin ShapiroCushman &nWakefield