There were 123 transactions totaling $274 million recorded in New York City in the 24 hours before 4 p.m. on Thursday, Dec. 18.
🏆 Residential: The top home sale recorded in New York City was at Extell Development Company’s 50 West 66th Street on the Upper West Side. TM66thStreetLLC dropped $46.8 million on a six-bedroom, 7,000-square-foot pad that had been combined from two units on the 41st floor. The condo has six bathrooms and 288 square feet of outdoor space.
🏆 Commercial: The top recorded commercial transaction was in Flushing, where a development site at 144-28 Northern Boulevard sold for $11.2 million. The site includes two vacant buildings with a total lot size of about 14,400 square feet and nearly 69,000 buildable square feet. The seller was an LLC, tied to Adolph Meyer and Carolyn Meyer-Grady, that had held the deed for decades. The buyer was an entity managed by George Xu’s Century Development Group. Meridian Capital Group’s Thomas Donovan, Tommy Lin and Eugene Kim had the listing.
📊 Residential: At One High Line in West Chelsea, a trust paid $14.3 million for a nearly 4,000-square-foot corner condo. The unit at 500 West 18th Street has four bedrooms and four and a half bathrooms; the transaction works out to about $3,600 per square foot. The property’s developers, Witkoff Group and Access Industries, were seeking $14.5 million for the residence, which went on the market in August. Corcoran’s Deborah Kern and Steve Gold had the listing.
📊 Residential: On the Upper East Side, the estate of Frances P. Bennett shed a co-op at 784 Park Avenue for $4.3 million. The buyers were Jacqueline Baker and Andrew Chrisomalis. The four-bedroom, four-bathroom pad, which had not sold in almost 50 years, is a duplex spanning about 3,400 square feet, pricing the sale at about $1,300 per square foot. The residence has been on and off the market since 2023. Its most recent asking price was just under $5.5 million. Sotheby’s International Realty’s Jeremy Stein, Jennifer Henson and Karen Moreau had the listing.
📊 Commercial: In Crown Heights, a commercial property at 588 St. Johns Place, home to the FiveMyles art gallery and performance space, sold for $7.6 million. The sellers of the 6,300-square-foot building were a trust tied to David Godfrey and Mindy Cavicchia and artist Hanne Tierney, who curated the space’s final exhibition in July. The buyer was an LLC tied to developer Avraham Garbo, which also took out $18 million in financing, including a $12 million building loan, from an S3 Capital affiliate.
By the Numbers: Sun Belt rental vacancy rates climb
The U.S. residential rental scene is becoming a tale of two markets.
The national vacancy rate for rented housing units rose by 20 basis points year over year to 7.1 percent in the third quarter, led by increases in the southern and western parts of the country. Meanwhile, the Midwest and Northeast regions recorded drops in their vacancy rates, according to recently released data from the U.S. Census Bureau.
If you like this digest, you can get it even earlier — every evening — by subscribing to TRD Data, here.