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
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
425 Park Avenue (office development, existing ground lease) $617 million Safehold / Nuveen N/A
135 West 50th Street (office building, new ground lease) $285 million Safehold / UBS Realty Investors N/A
685 Third Avenue (office building, leasehold interest) $271 million BentallGreenOak / Safehold CBRE (for initial seller, Unizo Holdings)
3 West 46th Street & 12 others (office development site, 62% stake) $264 million Extell Development / Meridian Capital N/A
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
105 River Street & two others (residential development site) $150 million Two Trees Management / Consolidated Edison Cushman & Wakefield
8925 Avenue D (Canarsie Plaza shopping center) $130 million Blackstone Group / CIM Group JLL
292 North 8th Street (co-living development site) $41 million The Collective / Kamali Organization N/A
2424 Cropsey Avenue (interest in low-income affordable senior housing) $35 million Goldman Sachs Urban Investment Group / Settlement Housing Fund 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 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.
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
98-11 Queens Boulevard & 64-33 98th Street (rent-stabilized apartments) $150 million A&E Real Estate Holdings / Kestenbaum family B6 Real Estate Advisors
38-20 Parsons Boulevard (synagogue, office development site) $38 million Shun Qian Liu / Congregation Shaarai Tefilla (Gates of Prayer) N/A
4-21 27th Avenue (interest in apartment building) $35 million Settlement Housing Fund / Goodwill Industries of Greater NY & North NJ N/A
24 Woodward Avenue (warehouse) $22 million Prologis / Willowen Management Corp. Newmark Knight Frank
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
535 Zerega Avenue (warehouse) $29 million Blackstone Group / Simone Development Companies & Steven Squitieri GFI Realty
780 East 135th Street (warehouse) $18 million H Holding Group, Klosed Properties and Namdar Realty Group / Bluestone Group and Princeton Holdings N/A
1181 Sherman Avenue (apartment building) $12 million Anonymous Borough Park-based LLC / Paul Gjonaj N/A
3540 Decatur Avenue (apartment building) $12 million 1394 B.P.R. Realty / Bob-Al Management N/A
Source: TRData analysis of news reports and NYC Dept. of Finance records in December