New York City investment sales through September 2018

A roundup of news and data on the commercial market

Nov.November 15, 2018 10:00 AM

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/SELLERLISTING
BROKERAGE
 
1535 Broadway
(commercial condos
within hotel)
$442 million Vornado Realty Trust/
Host Hotel & Resorts
N/A
101 West End Avenue
(residential)
$416 millionDermot Company & PGGM/
Equity Residential
Cushman &
Wakefield
183 Madison Avenue
(office)
$220 millionAPF Properties/Tishman
Speyer & Cogswell-Lee Realty
CBRE
520 West 43rd Street
(residential)
$193 millionDermot Company, PGGM et al./
AEW Capital Management
Cushman &
Wakefield

Brooklyn investment sales

Top Brooklyn investment sales recorded

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
 
6301 12th Avenue
(development site)
$37.5 millionBarone Management/
Sisters of Mercy
CBRE
2355 East 12th Street
(residential)
$32 millionJonas Equities/
R&C Management
N/A
1775 East 18th Street
(residential)
$28 millionJonas Equities/Susan
Schoenfeld & Steven Breitman
Marcus &
Millichap
235 Park Avenue
(self-storage)
$27 millionMaddd Equities & Cayre Equities/
Warren Diamond & John del Monaco
N/A

INVESTMENT SALES IN QUEENS AND THE BRONX

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/SELLERLISTING
BROKERAGE
 
109-09 180th Street
& 180-05 110th Avenue
(self-storage)
$26.5 millionPrime Group Holdings/
Cayre Equities
N/A
38-09 28th Street a.k.a.
28-08 38th Avenue
(industrial)
$10 millionRealty 38 LLC/
Munder Realty
Marcus &
Millichap
135-23 Roosevelt
Avenue (commercial)
$9.5 millionTerrence Cheng/
Tomilu Corp.
N/A
46-12 70th Street &
69-39 47th Avenue
(assemblage parcels)
$5 millionMadison Realty Capital/
Atlas Floral Decorators
N/A

Bronx investment sales

Top Bronx investment sales recorded

PROPERTYSALES PRICEBUYER/SELLERLISTING
BROKERAGE
 
101 Lincoln Avenue
(residential)
$125 millionBrookfield Property Partners/
Chetrit Group & Somerset Partners
Cushman &
Wakefield
2401 Third Avenue
(residential)
$40 millionBrookfield Property Partners/
Chetrit Group & Somerset Partners
Cushman &
Wakefield
1150, 1166 and
1184 River Avenue
(development site)
$25 millionNYC Housing Partnership/
River Avenue Realty Corp.
N/A
2198 Cruger Avenue
(residential)
$22.5 millionLightstone Group/
Martin Shapiro
Cushman &
Wakefield

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