There were 132 transactions totaling $462 million filed in New York City records in the 24 hours before 4 p.m. on Friday, June 5.
🏆 Commercial: The biggest commercial sale to hit records was a hotel: the Innside New York NoMad at 132-142 West 27th Street traded for $208 million. The seller of the 147,200-square-foot building was an affiliate of Artimus, which built the 313-key hotel, and the buyer was Innside Ventures LLC. Built in 2016, the building stands 21 stories tall.
🏆 Residential: The top recorded home sale in New York was on the Upper West Side. Kenneth and Susan Hahn scooped up a sponsor unit at Extell Development’s 50 West 66th Street for just under $24 million. The condo measures about 3,400 square feet, pricing the sale at roughly $7,100 per square foot.
📊 Commercial: In Jamaica, Queens, Cirrus Real Estate Partners and Resorts World purchased a parking garage at 92-02 165th Street for $46.1 million. The seller of the three-story, 246,200-square-foot facility was an LLC tied to the Greater Jamaica Development Corporation. Kevin Schmitz and Stephen Preuss Sr. of Ripco Real Estate represented the seller. The buyers plan to redevelop the site into a housing development with 700 properties.
📊 Residential: A trust tied to Michael Maguire picked up a 3,900-square-foot sponsor unit at SJP Properties’ 200 Amsterdam Avenue on the Upper West Side for $12 million, or about $3,100 per square foot. Serhant is handling sales at the luxury development.
📊 Residential: Jacquelyn Krese, a finance executive, purchased a 2,500-square-foot sponsor unit at Naftali Group’s 255 East 77th Street for $6.9 million. The unit has four bedrooms and three and a half bathrooms. Compass’ Alexa Lambert, Alison Black and Shelton Smith had the listing, and Manek Mathur with Sotheby’s International Realty represented Krese. The sale pencils out to about $2,800 per square foot.
By the Numbers: CRE deal volume fell 33% in April. Experts say: don’t fret
Should the commercial real estate industry panic?
Deal activity, measured by sales volume, plunged 33 percent — to $24.7 billion — in April compared to the year before, according to the latest MSCI Capital Trends report.
If these figures concern industry watchers, they shouldn’t, according to Jim Costello, executive director of MSCI’s research and development team. Year to date, deal volume hit $163.5 billion, a 14 percent year-over-year increase, indicating that activity is not on a downward spiral.
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