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
BROOKLYN INVESTMENT SALES
TOP MANHATTAN INVESTMENT SALES RECORDED
TOP BROOKLYN INVESTMENT SALES RECORDED
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.
TOP QUEENS INVESTMENT SALES RECORDED
TOP BRONX INVESTMENT SALES RECORDED