🏆 Residential: The priciest residential real estate sale recorded in New York City was for a townhouse at 22 East 68th Street on the Upper East Side that changed hands for $10.5 million. The home stands four stories tall and measures just over 3,300 square feet, pricing the transaction at roughly $3,200 per square foot. The seller, an LLC named after the address, purchased the townhouse a decade ago for $12.6 million. The buyer in the latest deal was LDN Investments LLC.
🏆 Commercial: In Hudson Square, a six-story office building at 183 Varick Street sold for $63 million, marking the most expensive commercial deal recorded in the Big Apple. The buyer was an affiliate of Avdoo & Partners Development, which entered contract to acquire the more than 68,000-square-foot property in March. The seller was an entity led by Benjamin Webster Federbush; the property has been connected to the Federbush family since at least the 1960s. The transaction pencils out to about $920 per square foot.
📊 Commercial: An affiliate of Pasadena, California-based Alexandria Real Estate Equities offloaded an office property at 30-02 48th Avenue in Long Island City for $34.5 million — 54 percent lower than its prior trade price. The buyer was New York-based North River Company. The property stands three stories tall and spans more than 141,400 square feet. It was once a book bindery and Alexandria converted it into the Alexandria Center for Life Science. Alexandria had acquired the site for $75 million in 2018.
📊 Commercial: The Holiday Inn Express Manhattan Midtown West at 538 West 48th Street traded for $26.5 million. The seller was an LLC tied to real estate investor Andrew Roufail, and the buyer was hotelier Maheshchand Ratanji. Roufail’s entity purchased the building in 2014 for $16.5 million. The hotel stands 11 stories tall and measures 61,700 square feet. The deal works out to about $430 per square foot.
📊 Residential: Jesse Delia scooped up a condo at 56 Crosby Street in Soho for $9.1 million. The unit spans about 4,400 square feet, pricing the sale at about $2,100 per square foot. The seller was an LLC tied to Teddy K. Kang, who bought the pad in 2010 for $4.4 million. The latest transaction appears to have been off-market.
📊 Residential: Amy Won and Stephen Tait paid $9 million for a townhouse at 757 Carroll Street in Park Slope. The sellers were Christopher Mitchell and Pilar Guzman — authors of the Patina Modern interior design book — along with Gregg Mitchell, Christopher Mitchell’s brother, and his wife, Andrea Chu. The foursome acquired the home in 2004 for $1.5 million. The four-story townhouse dates to 1886 and is two blocks from Prospect Park. It went on the market with Leslie J. Garfield’s Sophie Smadbeck, Richard Pretsfelder, Morgan Garofalo and Matt Lesser in September for $10.3 million.
By the Numbers: U.S. CRE debt hits $4.8T, with banks leading the way
Through the second quarter of 2025, outstanding commercial real estate debt in the U.S. hit $4.8 trillion, led by banks and thrifts and followed by government-sponsored enterprises.
Banks and thrifts, such as credit unions, held nearly 38 percent of the country’s commercial real estate debt, with a total of $1.83 trillion, according to an analysis of Federal Reserve data by research firm Trepp. GSEs, like Fannie Mae and Freddie Mac, followed, with some 22 percent of the market, totaling $1.08 trillion.
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