Top 10 NYC Commercial Property Sales Recorded in March 2016
- Apr 20, 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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Sale Price: $15,000,000
Buyer: 408 West 15TH Street Owner LLC
Seller: 405 West 14TH Street, LLC
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.