INVESTMENT SALES IN MANHATTAN AND BROOKLYN
Manhattan investment sales slowed down in July with $2.06 billion in deals recorded, 41% down from June and 17% below the 12-month average. The borough's largest deal went to California-based DivcoWest Real Estate Investments, which bought 540 Madison Avenue from Boston Properties for $310 million - its second office acquisition in NYC. Brooklyn's investment sales market continued to gain speed in July with $636 million in deals recorded, 29% up from the month prior and 8% above the 12-month average. The borough's top deal saw Toby Moskovits' Heritage Equity Partners sell 564 St. John’s Place to Harbor Group International for $117 million, a year after saving the apartment building from foreclosure.
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
540 Madison Avenue (office building) $310 million DivcoWest Real Estate Investments / Boston Properties CBRE
130 Prince Street (office building) $206 million Madison Capital et al. / Invesco Real Estate Eastdil Secured
520 Fifth Avenue (mixed-use development site) $205 million Rabina Properties, Ceruzzi & SMI / Ceruzzi & SMI (restructuring) N/A
220 East 72nd Street (apartment building) $160 million Dermot Company, USAA Real Estate & PGGM / Spitzer Enterprises Meridian Capital Group
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
564 St. John’s Place (apartment building) $117 million Harbor Group International / Heritage Equity Partners Westwood Realty Associates
145 Henry Street & 15-19 Wyckoff Street (apartment buildings) $37 million Isaac Abraham et al. / Estate of Alan Frank Lee & Associates
441 Ocean Avenue & 1745 Caton Avenue (apartment buildings) $35 million Meridian Properties / Andrew Glass et al. Marcus & Millichap
650 86th Street (school development site) $25 million New York City School Construction Authority / Tim Ziss 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 slowed down further in July with just $226 million in deals recorded, about half of both the previous month's volume and the 12-month average. The borough's top deal went to Turnbridge Equities and an insitutional partner, who picked up the FedEx ship center at 58-95 Maurice Avenue from CMJ Realty for $40 million. The Bronx's investment sales market held steady in July with $231 million in deals recorded in June, up 1% from the month prior and 2% below the 12-month average. The borough's top deal saw Stellar Management sell the Highbridge House rental tower at 1133 Ogden Avenue for $77 million to Camber Property Group and Belveron Partners, who plan to return the building to complete affordability.
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
58-95 Maurice Avenue (warehouse) $40 million Turnbridge Equities & partner / CMJ Realty Greiner Maltz
47-50 30th Street (warehouse) $25 million Alexandria Real Estate Equities / Prestone Realty LLC Keller Williams
37-30 Review Avenue (industrial lot) $16 million Marc Gleitman et al. / One Stop Properties et al. N/A
151 Woodward Avenue & 1902 Flushing Avenue (animal shelter development site) $13 million Animal Care Centers of NYC / Angelo Marino 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
1133 Ogden Avenue (apartment building) $76 million Camber Property Group & Belveron Partners / Stellar Management Rosewood Realty
1065-1075 Gerard Avenue (apartment buildings) $32 million Prana Investments / Related Asset Management Hodges Ward Elliott
55 West 169th Street & 1297 Cromwell Avenue (school development site) $16 million New York City School Construction Authority / Cayre Equities N/A
3515 & 3519 Bainbridge Avenue (development site) $14 million Montefiore Medical Center / Roman Catholic Church of St. Brendan & St. Ann N/A
Source: TRData analysis of news reports and NYC Dept. of Finance records in December