🏆Residential: The top residential deal to hit records was the sale of billionaire developer Stephen Ross’ former penthouse at 25 Columbus Circle in Lincoln Square. The full-floor penthouse, which traded between two anonymous LLCs, sold for $50.7 million, or $6,200 per square foot. The unit measures more than 8,200 square feet and has five bedrooms, six bathrooms and floor-to-ceiling windows overlooking Central Park. Sotheby’s International Elizabeth Sample and Brenda Powers represented both parties in the transaction.
🏆Commercial: Creative Industries Corporation offloaded a multifamily property at 54 Carmine Street in the West Village that it had owned since the 1980s for $18.8 million. The buyer was an LLC tied to Bahram Hakakian of Allied Realty & Development. The six-story building spans more than 18,000 square feet and has 32 apartments, along with ground-floor retail that is home to the restaurant Market Table. The transaction works out to more than $1,000 per square foot.
📊Residential: A townhouse at 123 East 69th Street in the Upper East Side traded for $9.9 million, almost $3 million off its last trade price from a few years prior. The sellers were James Yellen, an attorney, and Mary Yellen, and the buyer was UES Holdings 2015 LLC. The Yellens had paid $12.8 million for the single-family home in 2022. The 20-foot-wide residence dates to the late 1800s and spans about 8,000 square feet. It has seven bedrooms, an eat-in kitchen, working fireplaces, a gym, a sauna and a terrace among its amenities. It went on the market in March for just under $12 million. Sotheby’s International Realty’s Jeremy Stein and Karen Moreau represented the Yellens.
📊Residential: Infrastructure engineer Peter Merelis, via a trust, parted with a co-op at 100 Grand Street in Soho for $5.8 million or roughly $2,100 per square foot. The buyers, also through a trust, were TV writer and producer Jace Richadale and Allegra Richdale, who founded a children’s clothing line. The unit spans 2,800 square feet and has two bedrooms and two bathrooms. Compass’ Amy Mendizabal and Calli Sarkesh represented the seller.
By the Numbers: Where are Saks Global’s stores affected by bankruptcy?
Saks Global filed for Chapter 11 bankruptcy protection on Wednesday, potentially leaving large chunks of valuable real estate empty. At stake are 173 retail stores that may be shuttered, according to analysis by TRD Data.
Saks Global, which on its website claims to own or control some 13 million square feet of gross leasable area, also owns Neiman Marcus, which it acquired for $2.7 billion in 2024, and outlet offshoots like Last Call. Saks Off 5th, one of these discount retailers, occupies just under half of Saks Global’s stores, 77 out of 173. Most of those stores are in California and Florida, which have 12 a piece.
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