INVESTMENT SALES IN MANHATTAN AND BROOKLYN
Manhattan investment sales hit a two-year low in August with $995 million in deals recorded, 52% down from June and 59% below the 12-month average. The borough's largest deal was Savanna's $180 million buy of the office building at 360 Lexington Avenue from AEW Capital Management. Brooklyn's investment sales market slowed down less dramatically, with $550 million in deals recorded in August, 14% down from the month prior and 3% below the 12-month average. The borough's top deal saw Simon Dushinsky's Rabsky Group close on a 87.5% stake in a Gowanus development site at 313-331 Bond Street for $80 million, while the seller, Yoel Goldman's All Year Management, retained a minority stake.
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 its downward slide in August with $163 million in deals recorded, a 28% decline from the previous month and 61% below the 12-month average. The borough's top sale was of the 50-year-old Kane’s Flushing Diner at 44-15 College Point Boulevard, which developer Kenny Liu acquired from the Kane family for $13.6 million. The Bronx was the only borough to see an uptick in investment sales in August with $248 million in deals recorded, up 7% from the month prior and 3% above the 12-month average. The borough's top deal went to iStar-backed ground lease REIT Safehold Inc., which bought the land under the landmarked BankNote building at 890-938 Garrison Avenue from Madison Marquette and Perella Weinberg Partners for $64.6 million.
TOP QUEENS INVESTMENT SALES RECORDED
TOP BRONX INVESTMENT SALES RECORDED