Top 10 NYC Commercial Property Sales Recorded in March 2016

Check out the ten most expensive commercial real estate deals recorded in NYC! The March 2016 data shows a substantial demand for development sites and mixed-use buildings.

Source: PropertyShark, a Yardi Systems Inc. company

Source: PropertyShark, a Yardi Systems Inc. company

 

1. 163 Front Street, Manhattan & 80-83 South Street, ManhattanCPE0516_charts_PropertyShark_Top commercial Photo (80-83 South Street)

Sale Price: $390,000,000

Buyer: Oceanwide Center NY LLC

Seller: 80 South, LLC

This two-building deal encompasses 163 Front Street and 80-83 South Street in Manhattan’s Financial District. YIMBY reports the newest flip of this development site property as a package deal with 820,000 square feet. The seller, Howard Hughes Corp., bought the South Street site for $100M in 2014. A plan for a mixed-use tower has now been approved.

 

2. 2 Rector Street, Manhattan

Sale Price: $221,000,000

Buyer: Meptcove Two Rector Acquisition LLC

Seller: 2 Rector Kushner Member, LLC, 2 Rector Street Partners (Parallel-1 L P., Cim Fund Viii L P, S-2R Co-Investor, LLC

36-story office tower in the heart of Manhattan’s Financial District with 466,000 square feet of leasable space. The sellers, Kushner Companies and CIM Group, reportedly purchased this prime property for just $140M in 2013.

 

3. 150 Marcy Avenue, Brooklyn

Sale Price: $80,000,000

Buyer: Havemeyer Owner LLC

Seller: The Dime Savings Bank of Williamsburg

5-parcel deal in hot Williamsburg incorporating 150 Marcy Avenue, 262 South 4th Street, 205 Havemeyer Street, and 263 South 5th Street, purchased by a conglomeration of Tavros Development, Charney Construction, and 1 Oak Development. May be redeveloped as a new mixed-use project according to YIMBY.

 

4. 106 West 56th Street, Manhattan

Sale Price: $48,694,000

Buyer: 106 West 56TH Street Property Investors III, LLC

Seller: America Press, Inc.

The Savanna Fund and Hong Kong’s Atom Assets have already filed plans for a new 26-story office building on this site. Demolition of the existing building is expected to begin next year. The completion of the new space, geared towards smaller business tenants, is slated for 2019.

 

5. 48-02 30 Place, Queens

Sale Price: $24,034,709

Buyer: Bindery Owner LLC

Seller: Brickman 48TH Ave Lic LLC

The first of two Queens deals on this month’s list. This corner property covers 49,800 square feet, and 7 commercial units.

 

6. 24-16 Queens Plaza S, Queens

Sale Price: $23,000,000

Buyer: 24-16 Queens Plaza Property Owner LLC

Seller: Maamin Properties, LLC

This Long Island City office building was purchased by Greystone Development, who are said to have plans to add 8 floors. The end product is expected to be a $65M mixed-use tower incorporating co-working office space, fitness facilities, a rooftop terrace, and residential units with additional amenities.

 

7. 697 5 Avenue, Manhattan

Sale Price: $20,000,000

Buyer: 697 Fifth2 East 55TH Street Tic B Mortgage

Seller: De Beers Diamond Jewellers Us Inc

This is one of the most prestigious addresses in the world. This ultra-prime NYC property is in the heart of Fifth Avenue, and hosts both retail and residential units.

 

8. 202 East 77 Street, Manhattan

Sale Price: $17,500,000

Buyer: 202 East 77TH Street, LLC

Seller: Haug 202 Associates, LLC

This is a mixed-use Lennox Hill building, currently home to a much raved about wedding and special event venue.

 

9. 1623 Kings Highway, Brooklyn

Sale Price: $17,000,000

Buyer: Lido Realty LLC

Seller: Arc Ny1623K001, LLC

Another Brooklyn property, this 5-unit office building has 5 commercial units. Tenants include Verizon, a mental health clinic, and a popular 4,000 square foot Midwood mixed martial arts studio.

 

10. 408-410 West 15th Street, Manhattan

Sale Price: $15,000,000

Buyer: 408 West 15TH Street Owner LLC

Seller: 405 West 14TH Street, LLC

136-138 Lawrence Street, Brooklyn

Sale Price: $15,000,000

Buyer: 136 Lawrence LLC

Seller: G. Spitzer And Co. LLC

408-410 West 15th St. in Manhattan and 136-138 Lawrence Street, Brooklyn tied for 10th place at $15M. The Manhattan transaction was for a 4-story retail and apartment building. The Downtown Brooklyn transaction holds 3 residential and 3 commercial units.