Manhattan office buildings and luxury apartment properties set the pace when it came to New York City’s priciest investment sales in 2022.
The six biggest deals for commercial properties in New York were for Manhattan office or multifamily buildings, according to an analysis of city records and The Real Deal’s reporting of single-property investment sales.
Eight of the city’s 10 biggest investment sales were for office buildings or residential properties. The only two of the top 10 that did not include an office or apartment building were for a Red Hook logistics center and a Times Square hotel.
The 10 deals totaled $7.63 billion, which blew past 2021’s top-10 total of $4.57 billion. Manhattan had nine of the top 10, while Brooklyn had one.
Here are the rankings:
1. 550 Washington Street | $1.97 billion
Buyer: Alphabet Inc.
Seller: Oxford Properties/CPP Investments
Alphabet, the parent company of Google, bought the 1.3-million-square-foot office building at 550 Washington Street in Hudson Square for $1.97 billion from Oxford Properties and CPP Investments. It was originally reported that the tech giant acquired the property for $2.1 billion. CBRE represented both parties in the deal.
The purchase marked the biggest sale of a U.S. office building since the pandemic. Google already leased space at the waterfront property known as St. John’s Terminal.
2. 245 Park Avenue | $1.77 billion
Buyer: SL Green Realty
Seller: HNA Group
SL Green Realty ended its long-running dispute with the Chinese investor HNA Group over 245 Park Avenue in Midtown when the REIT snapped up the 1.8-million-square-foot office building in September for about $1.77 billion.
Manhattan’s biggest office landlord has deemed the property its “next major development project,” following in the path of One Vanderbilt and One Madison. The firm plans on repositioning the property, with alterations to the lobbies, plaza, retail storefronts and infrastructure. SL Green will also be bringing its amenities program to the building.
3. 8 Spruce Street | $930 million
Buyer: Blackstone
Seller: Brookfield Asset Management and Nuveen Real Estate
Blackstone continued betting on New York City’s multifamily market last June when it acquired the luxury apartment building at 8 Spruce Street in the Financial District for $930 million from Brookfield Asset Management and Nuveen Real Estate. Eastdil Secured’s Will Silverman and Gary Phillips brokered the deal for Brookfield and Nuveen, who were seeking north of $850 million for the 76-story, 899-unit rental property.
4. 616-626 First Avenue | $837 million
Buyer: GO Partners
Seller: JDS Development Group and Baupost Group
Josh Gotlib and Meyer Orbach’s GO Partners bought a pair of luxury apartment buildings at 616-626 First Avenue in Murray Hill in March for $837 million from Michael Stern’s JDS Development Group and the Baupost Group. Cushman & Wakefield’s Adam Spies and Doug Harmon brokered the transaction. Amenities at the 760-unit apartment towers include an infinity rooftop pool and a sky bar.
5. 450 Park Avenue | $445 million
Buyer: SL Green Realty
Seller: Oxford Properties and Crown Acquisitions
SL Green Realty acquired a 25 percent stake in an office building at 450 Park Avenue in the Plaza District in June for $445 million from Oxford Properties and Crown Acquisitions. Wells Fargo provided a $267 million mortgage to finance the transaction. CBRE represented both parties in the deal.
The REIT will lead leasing and management at the 33-story, 335,000-square-foot property. The rest of the building’s ownership group includes institutional investors from Israel and South Korea. Aby Rosen’s RFR Holding was at one point in the mix to buy the office building.
6. 160 Riverside Boulevard | $415 million
Buyer: A&E Real Estate
Seller: Equity Residential
Douglas Eisenberg’s A&E Real Estate bought an apartment building in July at 160 Riverside Boulevard in Lincoln Square for $415 million from Sam Zell’s Equity Residential. CBRE’s Darcy Stacom brokered the transaction.
The 455-unit, 525,000-square-foot building is one of three multifamily properties overlooking Riverside Park between West 66th and West 69th streets that were formerly known as Trump Place.
7. 640 Columbia Street | $332 million
Buyer: CBRE
Seller: DH Property Holdings and Goldman Sachs Asset Management
CBRE’s investment arm acquired in June a logistics center at 640 Columbia Street in Red Hook for $332 million from Dov Hertz’s DH Property Holdings and Goldman Sachs Asset Management. Cushman & Wakefield’s Adam Spies and Doug Harmon brokered the deal for the four-acre site. Amazon is leasing the 400,000-square-foot warehouse for 12 years.
8. 811 Seventh Avenue | $323 million
Buyer: MCR Investors
Seller: Host Hotels & Resorts
MCR Investors bought the 1,780-key Times Square Sheraton Hotel at 811 Seventh Avenue in May for $323 million from Host Hotels & Resorts. The sale price was originally reported to be $356 million, but the 51-story hotel traded hands for $415 million less than when it sold for $738 million in 2006.
9. 1330 Sixth Avenue | $320 million
Buyer: Empire Capital Holdings
Seller: RXR Realty and Blackstone
Empire Capital Holdings acquired in November the office building at 1330 Sixth Avenue in Midtown for $320 million from a joint venture between RXR Realty and Blackstone. Eastdil Secured’s Steven Binswanger, Gary Phillips and Will Silverman brokered the transaction.
RXR and Blackstone were looking for $350 million and the sale price was originally reported to be $325 million. Empire Capital planned to put new debt on the property to fund the purchase. The 40-story, 520,000-square-foot office building was formerly known as the Financial Times Building.
10. 475 Fifth Avenue | $291 million
Buyer: RFR Holding and Penske Media Corporation
Seller: Nuveen Real Estate and NBIM
Aby Rosen’s RFR Holding teamed up in May with publisher Penske Media Corporation to acquire the 275,000-square-foot office building at 475 Fifth Avenue in Midtown for $291 million from Nuveen Real Estate and NBIM. Penske Media, which calls the 24-story property its home, chipped in 50 percent of the equity in its partnership with RFR. RFR and Penske closed the deal with a $260 million loan. CBRE brokered the sale on behalf of the sellers.
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