• Industry News

CRE scorecard: New York City investment sales through June 2019

INVESTMENT SALES IN MANHATTAN AND BROOKLYN

Manhattan investment sales stayed almost flat in June with $3.49 billion in deals recorded,35 percent above the 12-month average. The strong showing was largely thanks to one giant deal, which saw the Related Companies and Allianz buy up WarnerMedia’s 1.5 millionsquare-foot office condominium at 30 Hudson Yards for $2.2 billion. Brooklyn’s investment sales market bounced back somewhat in June with $492 million in deals recorded, 75 percent up from the month prior but still 17 percent below the 12-month average. The borough’s top deal went to the Holterbosch family, a German-American beer dynasty, which picked up a market-rate rental building at 100 South 4th Street from Meadow Partners for $61 million.

MANHATTAN INVESTMENT SALES

TOP MANHATTAN INVESTMENT SALES RECORDED


PROPERTYSALE PRICEBUYER/SELLERLISTING BROKERAGE 30 Hudson Yards (WarnerMedia office condo)$2.2 billionRelated Companies & Allianz / WarnerMediaCushman & Wakefield 355 West 16th Street (hotel)$175 millionWorth Capital Holdings 52 LLC / 346 West 17th Street LLCN/A 511-541 West 25th Street (office complex, 95 percent stake)$148 millionArtemis Real Estate Partners / PGIM Real EstateCushman & Wakefield 142 West 36th Street (office building)$82 millionAlduwaliya Asset Management / Waterman Interests & USAA Real EstateCushman & Wakefield

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

BROOKLYN INVESTMENT SALES

TOP BROOKLYN INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTING BROKERAGE 100 South 4th Street (rental building, market rate)$61 millionHolterbosch family / Meadow PartnersHodges Ward Elliott 1000 Dean Street (commercial building)$56 millionLIVWRK / Jonathan Butler, BFC Partners & Goldman Sachs Urban Investment GroupTerraCRG 1007 Atlantic Avenue (mixed-use building)$26 millionClasson Management LLC / Sterling Town EquitiesN/A 240 Broadway (mixed-use building)$20 million240 Broadway Property LLC / Abraham RussakN/A

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

INVESTMENT SALES IN QUEENS AND THE BRONX

Queens’ investment sales market slowed down in June with $409 million in deals recorded,17 percent down from the previous month and 11 percent below the 12-month average. The borough’s top deals were for a pair of rent-stabilized buildings in Flushing, which Zara Realty acquired for $80 million. The Bronx’s investment sales market continued to regress from April’s peak, with $229 million in deals recorded in June, down 11 percent from the month prior and slightly under the 12-month average. The Holterbosch family made a borough-topping buy here as well, picking up an Amazon last-mile warehouse at 1300 Viele Avenue for $70 million — almost three times what sellers MRP Realty and AEW Capital Management paid for it in 2017.

QUEENS INVESTMENT SALES

TOP QUEENS INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTING BROKERAGE 140-30/140-50 Ash Avenue (rent-stabilized building)$43 millionZara Realty / Ilias TheodoropoulosMeridian Capital 140-60 Beech Avenue (rent-stabilized building)$38 millionZara Realty / Ilias TheodoropoulosMeridian Capital 6107-6125 Woodside Avenue (rent-stabilized buildings)$36 millionFisher Associates / Eric MarkelMarcus & Millichap 11-40 45th Road (commercial building)$26 millionGeorge Xu / Radha Soami SocietyN/A

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

BRONX INVESTMENT SALES

TOP BRONX INVESTMENT SALES RECORDED

PROPERTYSALE PRICEBUYER/SELLERLISTING BROKERAGE 1300 Viele Avenue (Amazon warehouse)$70 millionHolterbosch family / MRP Realty & AEW Capital ManagementCushman & Wakefield 320 West Fordham Road (development site)$32 millionDynamic Star / Lasala family et al.JLL 135-145 West Kingsbridge Road (rent-stabilized building)$16 millionIgnacio Castillo / The Morgan GroupRosewood Realty Group 3443 Jerome Avenue (1-story retail building)$9 millionRuben Luna / Leonard Gero & Stephen FreidusN/A

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

#Development #Queens

0 views0 comments