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New York City investment sales through July 2018

A roundup of news and data on the commercial market

 

INVESTMENT SALES IN MANHATTAN AND BROOKLYN

Manhattan investment sales rose in July, fueled by two deals involving the Walt Disney Company. In the first, the firm sold its office space on West 66th Street to Silverstein Properties for $1.15 billion. In the second, which happened almost simultaneously, the company paid $650 million to Trinity Church Real Estate for a parcel in Hudson Square.

Source: TRData analysis of news reports and NYC Dept. of Finance records in July

Top Manhattan Investment Sales Recorded

PROPERTYSALES PRICEBUYER/SELLERLISTINGnBROKERAGE
77 West 66th Street,n47 West 66th Streetnand others (office)$1.15 billionSilverstein Properties /nWalt Disney CompanyEastdilnSecured
4 Hudson Squaren(development site)$650 millionWalt Disney Company /nTrinity Church Real EstateCBRE
Plaza Hotel at 1 CentralnPark South (hotel)$600 millionQataru2019s Katara Hospitality /nSahara Group, Ashkenazy Acquisition,nSaudi Prince al-Waleed bin TalalN/A
635 Madison Avenuen(office)$153 millionL&L Holdings / SL Green RealtyCushman &nWakefield

Source: TRData analysis of news reports and NYC Dept. of Finance records in July

Buyers recorded $3.4 billion in sales in July, up 51 percent compared with the 12-month average. In Brooklyn, the most expensive deal was All Year Management’s purchase of several buildings, including 450 Union Street, for $61 million. Overall, buyers in the borough recorded $692 million in transactions, which was the same as the 12-month average.

Source: TRData analysis of news reports and NYC Dept. of Finance records in July

Top Brooklyn Investment Sales Recorded

PROPERTYSALES PRICEBUYER/SELLERLISTINGnBROKERAGE
450 Union Streetnand othersn(commercial)$61 millionAll Year Management /nestate of the investornDaniel TinnenyN/A
The Edgen22 North 6th Streetn(retail)$47.3 millionGazit-Globe /nMadison MarquetteHFF
542 Atlantic Avenuen(commercial)$27.5 millionSterling Town Equities /nJames Pappas and othersN/A
90-94 4th Avenuen(development site)$22.9 millionLevel One Holdings /n94 4TH LLCN/A

Source: TRData analysis of news reports and NYC Dept. of Finance records in July

INVESTMENT SALES IN QUEENS AND THE BRONX

In Queens, investment sales rose in July compared with June, topping $422 million. That figure was about 19 percent higher than the 12-month average. It was also more than double the prior month. The borough’s top sale in July was A&E Real Estate Holdings’ $127.5 million purchase of a portfolio of buildings, which included 41-40 Denman Street.

Source: TRData analysis of news reports and NYC Dept. of Finance records in July

Top Queens Investment Sales Recorded

PROPERTYSALES PRICEBUYER/SELLERLISTINGnBROKERAGE
41-40 Denman Streetnand othersn(residential)$127.5 millionA&E Real Estate Holdings /nTreetop DevelopmentRosewoodnRealty Group
144-10 135th Streetn(hotel)$39.7 millionASAP Holdings/nMagna Hospitality GroupN/A
82-46 and 83-15nLefferts Boulevardn(apartment)$36 millionCammebyu2019s International Group /nLefferts Houses Enterprises,nKew Gardens EnterprisesN/A
37-02 10th Streetn(development site)$11.5 millionDun Zhang /n10th Street Realty LLCN/A

Source: TRData analysis of news reports and NYC Dept. of Finance records in July

The seller was Treetop Development. Meanwhile, in the Bronx, buyers recorded $176 million in transactions in total. That was about 13 percent below the 12-month average. The top sale was the purchase of a parcel at 1932 Bryant Avenue for $19.3 million by the Association of New York Catholic Homes.

Source: TRData analysis of news reports and NYC Dept. of Finance records in July

Top Bronx Investment Sales Recorded

PROPERTYSALES PRICEBUYER/SELLERLISTINGnBROKERAGE
1932 Bryant Avenuen(development site)$19.3 millionAssociation of New York CatholicnHomes / Second Farms Neighbor-nhood Housing Development FundN/A
2718 and 2719 MorrisnAvenue (apartment)$16.7 millionPrana Investments /nBilynn Realty III, LLCN/A
1459 Wythe Placen(apartment)$14 million1459 Wythe A LLC /nRidge Holding Corp.N/A
1888 WestchesternAvenuen(commercial)$12.3 millionWestchester 1888 Owner /n188 West LLCN/A

Source: TRData analysis of news reports and NYC Dept. of Finance records in July

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