CRE scorecard: New York City investment sales through June 2019

INVESTMENT SALES IN MANHATTAN AND BROOKLYN

Manhattan investment sales stayed almost flat in June with $3.49 billion in deals recorded,35 percent above the 12-month average. The strong showing was largely thanks to one giant deal, which saw the Related Companies and Allianz buy up WarnerMedia’s 1.5 millionsquare-foot office condominium at 30 Hudson Yards for $2.2 billion. Brooklyn’s investment sales market bounced back somewhat in June with $492 million in deals recorded, 75 percent up from the month prior but still 17 percent below the 12-month average. The borough’s top deal went to the Holterbosch family, a German-American beer dynasty, which picked up a market-rate rental building at 100 South 4th Street from Meadow Partners for $61 million.

MANHATTAN INVESTMENT SALES

TOP MANHATTAN INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTINGnBROKERAGE
30 Hudson Yardsn(WarnerMedia officencondo)$2.2 billionRelated Companies & Allianz /nWarnerMediaCushman &nWakefield
355 West 16th Streetn(hotel)$175 millionWorth Capital Holdings 52 LLC /n346 West 17th Street LLCN/A
511-541 West 25thnStreet (office complex,n95 percent stake)$148 millionArtemis Real Estate Partners /nPGIM Real EstateCushman &nWakefield
142 West 36th Streetn(office building)$82 millionAlduwaliya Asset Management /nWaterman Interestsn& USAA Real EstateCushman &nWakefield

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

BROOKLYN INVESTMENT SALES

TOP BROOKLYN INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTINGnBROKERAGE
100 South 4th Streetn(rental building,nmarket rate)$61 millionHolterbosch family /nMeadow PartnersHodges WardnElliott
1000 Dean Streetn(commercial building)$56 millionLIVWRK / Jonathan Butler,nBFC Partners & Goldman SachsnUrban Investment GroupTerraCRG
1007 Atlantic Avenuen(mixed-use building)$26 millionClasson Management LLC /nSterling Town EquitiesN/A
240 Broadwayn(mixed-use building)$20 million240 Broadway Property LLC /nAbraham RussakN/A

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

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INVESTMENT SALES IN QUEENS AND THE BRONX

Queens’ investment sales market slowed down in June with $409 million in deals recorded,17 percent down from the previous month and 11 percent below the 12-month average. The borough’s top deals were for a pair of rent-stabilized buildings in Flushing, which Zara Realty acquired for $80 million. The Bronx’s investment sales market continued to regress from April’s peak, with $229 million in deals recorded in June, down 11 percent from the month prior and slightly under the 12-month average. The Holterbosch family made a borough-topping buy here as well, picking up an Amazon last-mile warehouse at 1300 Viele Avenue for $70 million — almost three times what sellers MRP Realty and AEW Capital Management paid for it in 2017.

QUEENS INVESTMENT SALES

TOP QUEENS INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTINGnBROKERAGE
140-30/140-50nAsh Avenuen(rent-stabilized building)$43 millionZara Realty /nIlias TheodoropoulosMeridiannCapital
140-60 Beech Avenuen(rent-stabilized building)$38 millionZara Realty /nIlias TheodoropoulosMeridiannCapital
6107-6125 WoodsidenAvenue (rent-stabilizednbuildings)$36 millionFisher Associates / Eric MarkelMarcus &nMillichap
11-40 45th Roadn(commercial building)$26 millionGeorge Xu / Radha Soami SocietyN/A

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

BRONX INVESTMENT SALES

TOP BRONX INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTINGnBROKERAGE
1300 Viele Avenuen(Amazon warehouse)$70 millionHolterbosch family /nMRP Realtyn& AEW Capital ManagementCushman &nWakefield
320 West FordhamnRoad (developmentnsite)$32 millionDynamic Star / Lasala family et al.JLL
135-145 West KingsbridgenRoadn(rent-stabilized building)$16 millionIgnacio Castillo / The Morgan GroupRosewoodnRealty Group
3443 Jerome Avenuen(1-story retail building)$9 millionRuben Luna /nLeonard Gero & Stephen FreidusN/A

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