INVESTMENT SALES IN MANHATTAN AND BROOKLYN
Manhattan investment sales fell for the third straight month in March with just $1.12 billion in deals recorded, the lowest monthly dollar volume since September 2017. The top sale of the month came from Sam Chang's McSam Hotel Group, which sold a newly-constructed hotel at 338 West 36th Street to Magna Hospitality Group for $274 million. Meanwhile, Brooklyn's investment sales market bounced back in March, with recorded deals totaling $710 million, 6% below the 12-month average. The borough's top deal was made by Steiner NYC, which sold a majority stake in 333 Schermerhorn Street, Brooklyn's tallest residential building, to a JP Morgan real estate equity fund for $253 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
338 West 36th Street (hotel) $274 million Magna Hospitality Group / McSam Hotel Group N/A
3 Columbus Circle (office condo, leaseback) $216 million Moinian Group / Young & Rubicam CBRE
9-11 West 54th Street (single family homes) $55 million Skyline Developers / DLJ Real Estate & J.D. Carlisle Corcoran Group
5 East 51st Street (residential, for office development) $44 million Macklowe Properties / Noam Management 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
333 Schermerhorn Street (residential, 62% stake) $253 million JP Morgan / Steiner NYC N/A
62 Imlay Street (warehouse) $100 million Prime Storage / Fruchthandler & Schron families Capital Property Partners
500 Kent Avenue (development site) $50 million Hampshire Properties et al. / Con Edison N/A
1215 Fulton Street (development site) $33 million The Collective & Tower Holdings Group / Industrie Capital 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 continued to regress from its October spike in March, falling below the 12-month average for the first time in half a year with just $313 million in deals recorded. The borough's top deal of the month was also its top multifamily deal of the year, and saw HUBB NYC pick up a 114-unit Astoria property from Mega Contracting Group and Treeline Companies for $75 million. The Bronx had another slow month, with just $133 million in deals recorded in March, 34 percent below the 12-month average. The only eight-digit deals in the borough both went to Lightstone Group, which picked up two South Bronx waterfront dev sites from Pantheon Properties and Borden Realty for a total of $59 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
31-57 31st Street (residential) $75 million HUBB NYC / Mega Contracting Group & Treeline Companies JLL
976 Cypress Avenue (self-storage) $43 milion Extra Space Storage & PGIM / LSC Development N/A
135-01 35th Avenue (development site) $16 million Century Development Group / Stemmax Realty N/A
22-04 Collier Avenue (residential) $14 million Residential Management / E&M Associates 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
399 Exterior Street (development site) $31 million Lightstone Group / Pantheon Properties Ackman-Ziff
355 Exterior Street (development site) $28 million Lightstone Group / Borden Realty Ackman-Ziff
250 Willis Avenue (retail) $7 million Jose Medina / Manuel Medina N/A
2709 Heath Avenue (residential) $7 million Zeqe Mehmetaj / Emerald Equity Group Westwood Realty Associates
Source: TRData analysis of news reports and NYC Dept. of Finance records in December