INVESTMENT SALES IN MANHATTAN AND BROOKLYN
Manhattan investment sales rebounded in May with $3.46 billion in deals recorded, the busiest month of the year so far and 40% above the 12-month average. The top sale of the month went to Google, which picked up another Jamestown Property building, the Milk Building across the street from Chelsea Market, for $592 million. Brooklyn's investment sales market slowed down to a two-year low in May, with recorded deals totaling just $282 million, half the previous month's dollar volume. The borough's top deal was for a self-storage development site in East Williamsburg, which Storage Deluxe picked up from Ingraham Street Development LLC and other sellers for $46 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
450 West 15th Street (office building) $592 million Google / Jamestown Properties Cushman & Wakefield
521 Fifth Avenue (office building) $379 million Savanna / SL Green Realty CBRE
460 West 34th Street (office building, majority stake) $292 million SL Green Realty / Kaufman Organization N/A
235 West 48th Street (rental building, majority stake) $251 million Carlyle Property Investors / Ivanhoe Cambridge & SL Green Realty 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
74 Bogart Street (development site) $46 million Storage Deluxe / Ingraham Street Development LLC et al. Kassin Sabbagh Realty
6301 12th Avenue (parcel within development site) $18 million New York School Construction Authority / Barone Management N/A
200 Nassau Street (apartment building) $11 million Watermark Capital Group / Roman Catholic Diocese of Brooklyn N/A
645 Gates Avenue (apartment building) $9 million NYC Housing Partnership / Proto Property Services 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 bounced back from a four-month decline in May with $488 million in deals recorded, 62% more than the previous month and 12% above the 12-month average. More than half of that total came from one big deal which saw TF Cornerstone pick up a Long Island City development site for $285 million - a deal the developer signed a contract for days before Amazon said it would be coming to the neighborhood. The Bronx' investment sales market fell back from April's high with $256 million in deals recorded in May, a 40% decline but still 15% above the 12-month average. About half of that total came from two warehouse deals worth $89 million and $39 million, respectively, both of which were brokered by Pinnacle Realty.
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
55-01 Second Street (development site) $285 million TF Cornerstone / Holterbosch family Newmark Knight Frank
35-46 & 35-66 Junction Boulevard (retail buildings) $25 million Food Bazaar Supermarket / MAN-Dell Food Stores N/A
87-40 165th Street (rental building) $16 million Rajmattie Persaud / Eric Silverstein N/A
96-33 Queens Boulevard (retail building) $13 million Richard Harris / Carlyle Management Marcus & Millichap
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
1601 Bronxdale Avenue (warehouse) $89 million Himmel + Meringoff Properties & Square Mile Capital / Sackman Enterprises Pinnacle Realty
1080 Leggett Avenue (warehouse) $39 million Goldman Sachs Asset Management & Blumenfeld Development Group / Advantage Wholesale Supply Pinnacle Realty
953 Southern Boulevard (office building, 25% stake) $11 million Urban Health Plan / Ashkenazy Acquisition N/A
1331 Jerome Avenue (development site, affordable housing) $10 million The Doe Fund / Peter Fine N/A
Source: TRData analysis of news reports and NYC Dept. of Finance records in December