INVESTMENT SALES IN MANHATTAN AND BROOKLYN
Manhattan investment sales ended the year strong with $2.94 billion in deals recorded in December, nearly double the month before and 28% above the 12-month average. The borough's largest deal went to iStar-managed ground lease REIT Safehold, which bought the land underneath L&L Holding's 425 Park Avenue office development from Nuveen for $617 million, and closed on two other big ground lease deals in the same month. Brooklyn's investment hit an all-year high with $793 million in deals recorded in December, 58% up from the month prior and 35% above the 12-month average. The borough's top deal was for a development site on the Williamsburg waterfront which Two Trees Management bought from Con Edison for $150 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 dropped back from an all-year high in December, with of $480 million in deals recorded, 25% less than the previous month's total but still 17% above the 12-month average. The borough's largest deal saw A&E Real Estate Holding pay $150 million for the 539-unit rent-stabilized Kestenbaum family portfolio in Rego Park. The Bronx saw a fourth straight quarter of slow activity in December with just $124 million in deals recorded, up 25% from the month prior but still 40% below the 12-month average. The borough's top deal went to the Blackstone Group, which bought a warehouse at 535 Zerega Avenue from Simone Development Companies and an entity managed by Steven Squitieri for $28.5 million.
TOP QUEENS INVESTMENT SALES RECORDED
TOP BRONX INVESTMENT SALES RECORDED