INVESTMENT SALES IN MANHATTAN AND BROOKLYN
Manhattan investment sales stayed almost flat in June with $3.49 billion in deals recorded, 35% above the 12-month average. The strong showing was largely thanks to one giant deal, which saw the Related Companies and Allianz buy up WarnerMedia's 1.5-million-square-foot office condominium at 30 Hudson Yards for $2.2 billion. Brooklyn's investment sales market bounced back somewhat in June with $492 million in deals recorded, 75% up from the month prior but still 17% below the 12-month average. The borough's top deal went to the Holterbosch family, a German-American beer dynasty, which picked up a 100% market-rate rental building at 100 South 4th Street from Meadow Partners for $61 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
30 Hudson Yards (WarnerMedia office condo) $2.2 billion Related Companies & Allianz / WarnerMedia Cushman & Wakefield
355 West 16th Street (hotel) $175 million Worth Capital Holdings 52 LLC / 346 West 17th Street LLC N/A
511-541 West 25th Street (office complex, 95% stake) $148 million Artemis Real Estate Partners / PGIM Real Estate Cushman & Wakefield
142 West 36th Street (office building) $82 million Alduwaliya Asset Management / Waterman Interests & USAA Real Estate Cushman & Wakefield
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
100 South 4th Street (rental building, 100% market rate) $61 million Holterbosch family / Meadow Partners Hodges Ward Elliott
1000 Dean Street (commercial building) $56 million LIVWRK / Jonathan Butler, BFC Partners & Goldman Sachs Urban Investment Group TerraCRG
1007 Atlantic Avenue (mixed-use building) $26 million Classon Management LLC / Sterling Town Equities N/A
240 Broadway (mixed-use building) $20 million 240 Broadway Property LLC / Abraham Russak N/A
Source: TRData analysis of news reports and NYC Dept. of Finance records in December
INVESTMENT SALES IN QUEENS AND BRONX
Queens' investment sales market slowed down in June with $409 million in deals recorded, 17% down from the previous month and 11% below the 12-month average. The borough's top deals were for a pair of rent-stabilized buildings on Ash and Beech Avenues in Flushing, which Zara Realty acquired from Ilias Theodoropoulos for a total of $80 million. The Bronx's investment sales market continued to regress from April's peak with $229 million in deals recorded in June, down 11% from the month prior and slightly under the 12-month average. The Holterbosches made a borough-topping buy here as well, picking up an Amazon last-mile warehouse at 1300 Viele Avenue for $70 million - almost three times what sellers MRP Realty and AEW Capital Management paid for it in late 2017.
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
140-30/140-50 Ash Avenue (rent-stabilized building) $43 million Zara Realty / Ilias Theodoropoulos Meridian Capital
140-60 Beech Avenue (rent-stabilized building) $38 million Zara Realty / Ilias Theodoropoulos Meridian Capital
6107-6125 Woodside Avenue (rent-stabilized buildings) $36 million Fisher Associates / Eric Markel Marcus & Millichap
11-40 45th Road (commercial building) $26 million George Xu / Radha Soami Society 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
1300 Viele Avenue (Amazon warehouse) $70 million Holterbosch family / MRP Realty & AEW Capital Management Cushman & Wakefield
320 West Fordham Road (development site) $32 million Dynamic Star / Lasala family et al. JLL
135-145 West Kingsbridge Road (rent-stabilized building) $16 million Ignacio Castillo / The Morgan Group Rosewood Realty Group
3443 Jerome Avenue (1-story retail building) $9 million Ruben Luna / Leonard Gero & Stephen Freidus N/A
Source: TRData analysis of news reports and NYC Dept. of Finance records in December