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
BROOKLYN INVESTMENT SALES
TOP MANHATTAN INVESTMENT SALES RECORDED
TOP BROOKLYN INVESTMENT SALES RECORDED
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.
TOP QUEENS INVESTMENT SALES RECORDED
TOP BRONX INVESTMENT SALES RECORDED