Just two sales of commercial properties between $10 million and $40 million hit city records last week, the latest sign that high interest rates and broader economic storm clouds are scaring off dealmakers in the investment sales market.
Both transactions occurred in Manhattan. Below is more information on each:
1. An entity tied to real estate investment firm and Industry City co-developer Angelo Gordon bought a two-story retail building at 2250 Broadway on the Upper West Side for $27 million from an LLC connected to the Zucker Organization.
Home to a Staples and a currently shuttered Starbucks, the building is at the base of the 22-story condo developed in 1987. It was asking $34 million, according to the listing with Stream Realty’s Phil DiGennaro and Jordan Shtulman. Zucker bought the space for $1.1 million in 1999, Crain’s reported.
2. A fifth-floor office and penthouse with a private rooftop at 936 Broadway in the Flatiron District traded for $12.9 million. Attorney Joshua Zelkowitz signed for the buyer, SE 936 Owner LLC. DeBorah Brill signed for the seller, Debrill Realty 22 LLC, which lists a Mahwah, New Jersey, address.
The two spaces combine for 15,000 rentable square feet, according to the listing with Sinvin’s Michael Glanzberg and James Costello, which shows an asking price of $13.5 million.
Though just outside the $10 million to $40 million range of deals included in these roundups, another investment sale that hit city records last week was Slate Property Group’s purchase of a 13-story Salvation Army building and adjacent lot in Fort Greene for $43 million. The property was marketed as a development site.
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Commercial
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Multifamily deals dominate strong week of NYC i-sales
Commercial
New York
Just two mid-market investment sales closed in NYC last week