INVESTMENT SALES IN MANHATTAN AND BROOKLYN
Manhattan investment sales continued a two-month slide in February with $2.23 billion in deals recorded, below the 12-month average and down by a quarter from the previous month. The top sale of the month went to WeWork, which closed on its $850 million acquisition of the Lord & Taylor building after months of delays. Brooklyn's investment sales market had a slow February as well, with recorded deals totaling $485 million, 37 percent down from January. The borough's top deal came from Simon Dushinsky's Rabsky Group, which sold the Leonard Pointe luxury rental building in Williamsburg to UDR, a Colorado-based landlord, for $130 million.
MANHATTAN INVESTMENT SALES
Source: TRData analysis of NYC Dept. of Finance records
BROOKLYN INVESTMENT SALES
Source: TRData analysis of NYC Dept. of Finance records
TOP MANHATTAN INVESTMENT SALES RECORDED
Property Sales Price Buyer/Seller Listing Brokerage
424 Fifth Avenue (office & department store) $850 million WeWork & Rhone Capital / Hudson's Bay Company N/A
34 Desbrosses Street (luxury rental) $260 million Related Companies / Jack Parker Corporation Newmark Knight Frank
1760 Third Avenue (student housing) $213 million 60 Guilders & RCG Longview / Chetrit Group Meridian Investment Sales
670 Broadway (office) $131 million Cara Investment GmbH / Paramount Group CBRE
Source: TRData analysis of news reports and NYC Dept. of Finance records in December
TOP BROOKLYN INVESTMENT SALES RECORDED
Property Sales Price Buyer/Seller Listing Brokerage
395 Leonard Street (luxury rental) $130 million UDR / Rabsky Group N/A
406 Pine Street (office) $24 million Esther Blumenfeld / Yehoshua Fruchthandler N/A
1260 Atlantic Avenue (warehouse) $24 million Cayre Equities / Atlantic Properties LLC Marcus & Millichap
96 North 10th Street (warehouse) $23 million Eliyahu Zev Kohn / Ko-Rec-Type JLL
Source: TRData analysis of news reports and NYC Dept. of Finance records in December
INVESTMENT SALES IN QUEENS AND BRONX
Queens' investment sale market saw $449 million in deals recorded in February, the lowest dollar volume since September but still just above the 12-month average. Industrial deals led the way, and the top deal in the borough was Abingdon Square Partners' transfer of a Long Island City self-storage facility to Life Storage for $58 million, followed closely by Blackstone Group's $56 million buy of a warehouse near LaGuardia Airport. The Bronx fell back sharply from January's hot start, with just $150 million in deals recorded in February, a 59-percent decline and 30 percent behind the 12-month average. The largest deal in the borough went to Home Depot, which bought 1806 East Gun Hill Road - already home to one of its retail locations - from Madison International Realty for $33 million.
QUEENS INVESTMENT SALES
Source: TRData analysis of NYC Dept. of Finance records
BRONX INVESTMENT SALES
Source: TRData analysis of NYC Dept. of Finance records
TOP QUEENS INVESTMENT SALES RECORDED
Property Sales Price Buyer/Seller Listing Brokerage
29-01 Review Avenue (self-storage) $58 million Life Storage / Abingdon Square Partners N/A
83-15 24th Avenue (warehouse) $56 million Blackstone Group / Steel Equities N/A
24-16 Queens Plaza South (residential development) $39 million Silverback Development & AEW Capital Management / Greystone Development N/A
164-11 Chapin Parkway (nursing home) $39 million Cassena Care / CenterLight Health System N/A
Source: TRData analysis of news reports and NYC Dept. of Finance records in December
TOP BRONX INVESTMENT SALES RECORDED
Property Sales Price Buyer/Seller Listing Brokerage
1806 East Gun Hill Road (big box retail) $33 million Home Depot / Madison International Realty N/A
181 East 161st Street (rental) $12 million Chaim Hirschfeld / Related Companies N/A
50-68 West Fordham Road (one-story retail) $12 million Chestnut Holdings / Comjem Associates Ltd. N/A
1920 East Gun Hill Road (diner) $10 million Home Depot / Madison International Realty N/A
Source: TRData analysis of news reports and NYC Dept. of Finance records in December