INVESTMENT SALES IN MANHATTAN AND BROOKLYN
Manhattan investment sales had a slow November with just $1.54 billion in deals recorded, a 46% drop from the month before and 37% below the 12-month average. The borough's largest deal went to the Qatar Investment Authority, which bought the hotel and commercial portions of the St. Regis Hotel building from Marriott International for $310 million. Brooklyn's investment sales also slowed down somewhat, with $503 million in deals recorded in November, 11% down from the month prior and 15% below the 12-month average. The borough's top deal was for the Fairway-anchored Georgetowne Shopping Center in Bergen Beach, which Federal Realty Investment Trust acquired from Sholom & Zuckerbrot Realty for $85 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
2 East 55th Street (St. Regis Hotel) $310 million Qatar Investment Authority / Marriott International JLL
195 Broadway (office building fee interest) $275 million Safehold / L&L Holding (ground lease holder) N/A
305 East 46th Street (office building) $147 million Shimizu Realty Development / Vanbarton Group Eastdil Secured
45 West 45th Street (office building) $126 million AFIAA / Vanbarton Group Hodges Ward Elliott
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
2183, 2095 and 2085 Ralph Avenue (shopping center) $85 million Federal Realty Investment Trust / Sholom & Zuckerbrot Realty N/A
275 Park Avenue (free-market apartment building) $67 million Fairstead & Meadow Partners / HK Organization & Brickman Real Estate Hodges Ward Elliott
204 4th Avenue (rental development site) $30 million Avery Hall Investments / Speedway N/A
1010 Pacific Street (rental development site) $20 million Clipper Realty / Avo Construction 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 took off for the fourth straight month in November, hitting an all-year high of $643 million in deals recorded, 36% more than the previous month's total and 55% above the 12-month average. Most of that sum came from the borough's - and the city's - top deal of the month, which saw Innovo Property Group buy out Westbrook Partners' stake in the massive warehouse at 24-02 49th Avenue for $412 million. Investment sales in the Bronx remained tepid in November with just under $100 million in deals recorded for the first time in a year, down 18% from the month prior and 52% below the 12-month average. The borough's top deal was for a warehouse in Morrisania, which not-for-profit developer Phipps Houses bought from Rodriguez & Rodriguez Storage & Warehouse Inc. for $23 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
24-02 49th Avenue (warehouse, ~90% stake) $412 million Innovo Property Group & Nan Fung Group / Westbrook Partners Cushman & Wakefield
29-28 41st Avenue (free-market apartment building) $47 million DSA Property Group / Jack Guttman Meridian Capital
23-10 Queens Plaza South (office development site) $28 million Gary Segal / PMG Holdings & partners N/A
25-25 Borden Avenue (warehouse) $13 million Palard Realty Corp. / Anonymous LLC 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
1114 Kelly Street (warehouse) $23 million Phipps Houses / Rodriguez & Rodriguez N/A
225 St. Anns Avenue & five others (low income housing) $8 million Castellan Real Estate Partners / POKO Partners N/A
2523-2525 University Avenue (rent-stabilized apartment building) $8 million Prana Investments / Kentron Properties Marcus & Millichap
3547 Webster Avenue (medical building) $7 million Rivky Brach / Joel Wertzberger N/A
Source: TRData analysis of news reports and NYC Dept. of Finance records in December