There were 126 transactions totaling $471 million recorded in New York City over the past 24 hours before 3 p.m. on Wednesday, Dec. 31.
🏆 Residential: The city’s priciest home sale was in Sutton Place. Bharat Bhise, founder and CEO of Bravia Capital, his wife, Indian classical dancer and arts promoter Swati Bhise, and Yuanfang Yan offloaded two condos at One Beacon Court at 151 East 58th Street for $12 million. The buyer was OBC 38BC LLC. The Bhises purchased the units in two separate deals in 2015 for a combined $11.8 million. The latest transaction appears to have been off-market.
🏆 Commercial: The top commercial transactions recorded in the Big Apple were in Boerum Hill, where two multifamily complexes at 577 and 599 Baltic Street, built in 2015, sold for $54 million. Combined, the properties have 97 units. The seller was Adam America and the buyer was HUBB NYC Properties.
📊 Commercial: On the Lower East Side, a mixed-use building with 10 units and ground-floor retail sold for $16.5 million. The seller of the 14,000-square-foot property at 245 Eldridge Street was Robert Morgenstern’s Canvas. The buyer was 245 Eldridge LLC. The building had last traded in 2018 for $14.2 million.
📊 Commercial: A retail property at 96-06 Queens Boulevard in Rego Park traded for $13.1 million. The seller was an LLC tied to Imperial Sterling Corp., which had owned the property for decades. The buyer was an affiliate of Mineola, New York-based real estate investment and management firm Malachite Group. The one-story building has four units and measures 15,000 square feet.
📊 Residential: In Dumbo, an LLC tied to Katharina Trebitsch, a German film producer, sold a condo at 1 Main Street, The Clock Tower condominium, to another LLC named after the property for $6.2 million. Trebitsch had owned the unit since 2014, when she bought it for $4.3 million. The latest deal appears to have been off-market, but a prior listing shows the unit spans about 2,600 square feet and has two bedrooms and three and a half bathrooms.
By the Numbers: U.S. office supply in progress continues to shrink as few markets grow
U.S. developers are building far less office space than a year ago, with the national pipeline shrinking sharply even as a handful of markets — led by Boston and Manhattan — continue to buck the trend.
There is just over 32 million square feet of office space under construction in the U.S., down 44 percent year over year, according to Yardi Matrix’s December office market report.
From the start of 2025 through November, there were more than 13 million square feet of starts, on par with last year. Still, planned or under-construction projects make up 1.7 percent of the country’s office stock. That’s down from 3 percent last year, per Yardi.
