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
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
360 Lexington Avenue (office building) $180 million Savanna / AEW Capital Management Eastdil Secured
25 East 67th Street (apartment building) $70 million Ashkenazy Acquisition & Black Spruce Management / Parkoff Organization N/A
40 West 45th Street (hotel) $64 million Masterworks Development Corporation / McSam Hotel Group N/A
809 Madison Avenue (apartment building) $57 million Churchill Real Estate Holdings / Parkoff Organization 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
313-331 Bond Street (development site, 87.5% stake) $80 million Rabsky Group / All Year Management N/A
196 Willoughby Street (development site) $76 million RXR Realty / Long Island University N/A
218 Clarkson Avenue (retail building) $21 million Smuel Wallerstein / Albert Srour N/A
325 Avenue Y (office building) $19 million Yeshivat Darche Eres / Midyan Gate Realty 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 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.
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
44-15 College Point Boulevard (diner) $14 million Kenny Liu / Kane family N/A
45-17 Davis Street (warehouse) $10 million Jasmin Patel / JTC Industries N/A
42-18 College Point Blvd & two other parcels (development site) $8 million 4218 Development LLC / PJT Limited Liability Company N/A
25-70 Whitestone Expressway (newpaper printing & distribution facility) $7 million The New York Times / The City of New York 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
890-938 Garrison Avenue (office building ground lease) $65 million Safehold / Madison Marquette & Perella Weinberg Savills Capital Markets
580 River Avenue (warehouse) $42 million Maddd Equities / American Self Storage N/A
1281 Viele Avenue (waste management facility) $13 million Jack Guttman / M.B. Trucking Co. & Hunts Point Energy Corp. N/A
521 Bergen Avenue (warehouse) $12 million Bridgerock Capital / Abingdon Square Partners N/A
Source: TRData analysis of news reports and NYC Dept. of Finance records in December