There were 160 transactions totaling $386 million filed in New York City records in the 24 hours before 4 p.m. on Wednesday, May 27.
🏆 Commercial: The most expensive commercial deal to hit records was in Tribeca, where a former parking garage at 56 North Moore Street traded for $58.5 million. The buyer was Alchemy Properties, and the seller was the Calicchio family, which had owned the building for decades. The property at one point had been marketed as a possible office conversion play.
🏆 Residential: The West Village snagged the priciest home sale recorded in New York, with the sale of a double-wide townhouse at 105-107 Bank Street for $70 million. The 13,000-square-foot, six-bedroom home went on the market in October for $75 million. Roundsquare Builders acquired the properties in 2021 and 2022 for $18.1 million. Leslie J. Garfield’s Matthew Lesser had the listing, and Nikki Field of Sotheby’s International brought the buyer, 105-107 NYC LLC.
📊 Commercial: Also in Tribeca, a company tied to the Roe Corporation offloaded an office building at 267 Broadway for $30 million. The buyer was an LLC tied to Rafael Rabinowitz. The building stands five stories tall and spans 29,000 square feet, pricing the sale at more than $1,000 per square foot. The building had not been sold since the 1970s.
📊 Commercial: In the Flatiron District, a multifamily property at 16 East 18th Street traded for $16.3 million. The seller was an LLC tied to Revere Capital of Dallas. The buyer was an LLC linked to New Jersey-based real estate investor Eun Rae Jo. The building stands 10 stories tall and has eight apartments across almost 20,300 square feet of space.
📊 Residential: Adam America Real Estate sold a penthouse at its luxury Upper West Side development, 2505 Broadway, for $13.3 million. The buyer was an LLC tied to Iain Dunning, head of artificial intelligence at Hudson River Trading. The unit spans 4,100 square feet and has four bedrooms and four and a half baths. The deal breaks down to roughly $3,200 per square foot. Douglas Elliman’s Ariel Tirosh had the listing.
By the Numbers: Manhattan mega conversions and Brooklyn expansions shape NYC redevelopment
As ground-up construction across NYC becomes harder to finance, builders are turning to redevelopment projects instead.
Across Manhattan neighborhoods, giant office-to-residential conversions are delivering thousands of dwelling units. In Brooklyn, redevelopment has taken on a more piecemeal form: contractors are pursuing smaller expansion of residential one-two-family homes in traditionally low-rise neighborhoods.
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