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CRE scorecard: New York City investment sales through May 2019

INVESTMENT SALES I N MANHATTAN AND BROOKLYN

Manhattan investment sales rebounded in May with $3.46 billion in deals recorded, making it the busiest month of the year so far and 40 percent above the 12-month average. The top sale of the month went to Google, which picked up the Milk Building across the street from Chelsea Market for $592 million from Jamestown Properties. Meanwhile, Brooklyn’s investment sales market slowed down to a two-year low in May, with recorded deals totaling just $282 million — half the previous month’s dollar volume. The borough’s top deal was for a self-storage development site in East Williamsburg, which Storage Deluxe picked up from Ingraham Street Development and other sellers for $46 million.

MANHATTA N INVESTMENT SALES BROOKLYN INVESTMENT SALES

Source: TRData analysis of NYC Dept. of Finance records

TOP MANHATTAN INVESTMENT SALES RECORDED


PROPERTYSALES PRICEBUYER/SELLERLISTING BROKERAGE 450 West 15th Street (office building)$592 millionGoogle / Jamestown PropertiesCushman & Wakefield 521 Fifth Avenue (office building)$379 millionSavanna / SL Green RealtyCBRE 460 West 34th Street (office building, majority stake)$292 millionL Green Realty / Kaufman OrganizationN/A 235 West 48th Street (rental building, majority stake)$251 millionCarlyle Property Investors / Ivanhoe Cambridge & SL Green RealtyN/A

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

MANHATTAN INVESTMENT SALES BROOKLYN INVESTMENT SALES

MANHATTAN INVESTMENT SALES BROOKLYN INVESTMENT SALES

Source: TRData analysis of NYC Dept. of Finance records

TOP BROOKLYN INVESTMENT SALES RECORDED PROPERTYSALES PRICEBUYER/SELLERLISTING BROKERAGE 74 Bogart Street (development site)$46 millionStorage Deluxe / Ingraham Street Development LLC et al.Kassin Sabbagh Realty 6301 12th Avenue (parcel within development site)$18 millionNew York School Construction Authority / Barone ManagementN/A 200 Nassau Street (apartment building)$11 millionWatermark Capital Group / Roman Catholic Diocese of BrooklynN/A 645 Gates Avenue (apartment building)$9 millionNYC Housing Partnership / Proto Property ServicesN/A

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

INVESTMENT SALES I N QUEENS AND THE BRONX

Queens’ investment sales market rebounded from a four-month decline in May with $488 million in deals recorded, 62 percent above the previous month and 12 percent above the 12-month average. More than half of the total came TF Cornerstone’s purchase of a Long Island City development site for $285 million — a deal the developer signed a contract for days before Amazon said it would be coming to the neighborhood. Meanwhile, the Bronx’s investment sales market fell from April’s high, with $256 million in deals recorded in May — a 40 percent decline, but still 15 percent above the 12-month average. About half of that total came from two warehouse deals, one for $89 million and the other for $39 million.

Source: TRData analysis of NYC Dept. of Finance records

TOP QUEENS INVESTMENT SALES RECORDED PROPERTYSALES PRICEBUYER/SELLERLISTING BROKERAGE 55-01 Second Street (development site)$285 millionTF Cornerstone / Holterbosch familyNewmark Knight Frank 35-46 & 35-66 Junction Boulevard (retail buildings)$25 millionFood Bazaar Supermarket / MAN-Dell Food StoresN/A 87-40 165th Street (rental building)$16 millionRajmattie Persaud / Eric SilversteinN/A 96-33 Queens Boulevard (retail building)$13 millionRichard Harris / Carlyle ManagementMarcus & Millichap

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

BRONX INVESTMENT SALES

Source: TRData analysis of NYC Dept. of Finance records


TOP BRONX INVESTMENT SALES RECORDED PROPERTYSALES PRICEBUYER/SELLERLISTING BROKERAGE 1601 Bronxdale Avenue (warehouse)$89 millionHimmel + Meringoff Properties & Square Mile Capital / Sackman EnterprisesPinnacle Realty 1080 Leggett Avenue (warehouse)$39 millionGoldman Sachs Asset Management & Blumenfeld Development Group / Advantage Wholesale SupplyPinnacle Realty 953 Southern Boulevard (office building, 25% stake)$11 millionUrban Health Plan / Ashkenazy AcquisitionN/A 1331 Jerome Avenue (development site, affordable housing)$10 millionThe Doe Fund / Peter FineN/A

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

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