INVESTMENT SALES IN MANHATTAN AND BROOKLYN
Manhattan investment sales held strong in October with $2.83 billion in deals recorded, a 15% increase from the month before and 17% above the 12-month average. The borough's two largest deals went to L+M Development Partners & Invesco Real Estate, who closed on a total of four properties worth $820 million from Brookfield's Putnam rental portfolio. Brooklyn's investment sales fell back from September's high with $567 million in deals recorded in October, 27% down from the month prior and 3% below the 12-month average. The borough's top deal went to Isaac Hagar's Cornell Realty and partner Rubin Equities, who bought Downtown Brooklyn's Tillary Hotel - which includes a rental component on the upper floors - from the Chetrit Group and Read Property Group for $90 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
1295 Fifth Avenue (market-rate apartments, for affordable conversion) $340 million L+M Development Partners & Invesco Real Estate / Brookfield Cushman & Wakefield
1940 First Avenue (market-rate apartments, for affordable conversion) $325 million L+M Development Partners & Invesco Real Estate / Brookfield Cushman & Wakefield
175 Water Street (office building, for residential conversion) $270 million Metro Loft Management / American International Group Eastdil Secured
125 West End Avenue & 320 West 66th Street (ABC office & studios) $230 million Taconic Investment Partners & Nuveen / Silverstein Properties Eastdil Secured
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
85 Flatbush Avenue Extension (hotel & apartment building) $90 million Cornell Realty & Rubin Equities / Chetrit Group & Read Property Group N/A
1752 Shore Parkway (big-box retail) $73 million Algin Management / Thor Equities Newmark Knight Frank
29 Ryerson Street (mixed-use development site) $55 million Sela Group / Madison Realty Capital Cushman & Wakefield
239 Banker Street (loft complex) $33 million Workable City Development & Rabina Properties / Joseph Brunner 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 continued to rebound in October with $472 million in deals recorded, 30% more than the previous month's total and 13% above the 12-month average. The borough's top sale went to American Realty Advisors, which paid $260 million to Suncap Property Group for a massive FedEx warehouse in Maspeth after previous buyer Prologis failed to close. Investment sales in the Bronx remained slow in October with just $121 million in deals recorded, up 11% from the month prior but still 42% below the 12-month average. The borough's top deal saw Lightstone Group further expand an assemblage it's piecing together along the Harlem River by paying ABS Partners Real Estate $36 million for the parcel at 325 Exterior Street.
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
46-06 57th Avenue (FedEx warehouse) $260 million American Realty Advisors / Suncap Property Group Cushman & Wakefield
51-30, 53-20 & 53-22 Northern Boulevard (school development site) $40 million New York City School Construction Authority / World Wide Group N/A
45-01 Northern Boulevard & 34-08 46th Street (manufacturing buildings) $25 million AB Capstone / Spiel Associates affilate N/A
131-21 14th Avenue (warehouse) $15 million Safeguard Self Storage / Palard Realty Corp 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
325 Exterior Street (parcel of larger development site) $36 million Lighstone Group / ABS Partners Real Estate N/A
2535 Webster Avenue (retail building) $8 million Richard E. Carroll / Murphy-Webster Associates LLC N/A
14 Bruckner Boulevard (retail & office building) $8 million BNS Real Estate / Antonio Bassatt et al. N/A
1591 East 233rd Street (warehouse) $5 million Tejpal Sandhu / Henry Kessler N/A
Source: TRData analysis of news reports and NYC Dept. of Finance records in December