Top 10 NYC Commercial Property Sales Recorded in April 2016

While no multi-billion dollar commercial property deals were recorded in April 2016, the data shows NYC real estate going strong. Savvy investors and developers are continuing to buy, and find substantial financing. Most notable this month was the almost exclusive domination by office properties, with lots of action in FiDi and Midtown.

Source: PropertyShark, a Yardi Systems Inc. company

Source: PropertyShark, a Yardi Systems Inc. company

 

1. 850 3rd Avenue, ManhattanCPE0616_charts_PropertyShark_Commercial Top photo

Sale Price: $463,000,000

Buyer: 850 Third Avenue Holding LLC

Seller: Sri Nine 850 LLC

A collaboration between MHP Real Estate Services and HNA acquired this notable 21-story, wedding cake shaped office building. Tenants reportedly include Chase Bank, NYPD, and FDNY.

 

2. 2 Rector Street, Manhattan

Sale Price: $221,125,000

Buyer: 2 Rector Street (NY), LLC

Seller: Rector Trinity Associates LLC

Just blocks from the World Trade Center development, and boasting views of Trinity Church, this Financial District office building holds almost half a million square feet. The previous owner, Jared Kushner, paid $140 million for the property just three years ago.

 

3. 30 Broad Street, Manhattan

Sale Price: $130,000,000

Buyer: 30 Broad Street Venture LLC

Seller: Gotham Broad, LLC

Another Financial District office building topping April’s list. The leasehold on 30 Broad St., running through 2079, was acquired by Tribeca Associates, with annual rent of $2.7M due to the estate of Sol Goldman.

 

4. 677 Lexington Avenue, Manhattan

Sale Price: $60,985,500

Buyer: 139 East 56TH Street Landlord LLC

Seller: 677 Lex Realty, LLC

Part of an assemblage in Midtown which could provide 115,000 square feet to be redeveloped. Existing tenant TGI Fridays could be ousted if New York YIMBY’s predictions that this could be a great residential or hotel site prove true.

 

5. 681-685 Lexington Avenue, Manhattan

Sale Price: $54,015,500

Buyer: 139 East 56TH Street Landlord LLC

Seller: 681LEX Land L P.

8-unit commercial building in Central Midtown. Law 360 reports that both of these Lexington Avenue deals were made in tandem with the intention of redevelopment as a health and memory care facility. Well Fargo provided and estimated $41M in financing for the deal.

 

6. 41 South 3rd Street, Brooklyn

Sale Price: $36,200,000

Buyer: J B J L L C, C/O Holm & O’Hara Llp

Seller: Freewythe LLC

Notable 5-parcel deal close to the water in Brooklyn’s hot Williamsburg neighborhood. Redevelopment plans for this assemblage which incorporates vacant lots, retail, and other commercial property are not clear yet due to existing leases. Sites included are 41, 43, 45-51 South 3rd Street, 53 South 3rd, and 60 South 2nd Street.

 

7. 27 East 79 Street, Manhattan

Sale Price: $28,000,000

Buyer: 27E79 Property LLC

Seller: Ues 79, LLC

This new purchase by developer Matthew Adell gives Michael Bloomberg a new neighbor. The property is located just steps from Central Park and Fifth Avenue.

 

8. 516 8 Avenue, Manhattan

Sale Price: $25,000,000

Buyer: 516 Eighth Avenue Borrower LLC

Seller: Jergil Mfg Corp.

This is an 8-unit commercial property in Manhattan’s Garment District and has a total square feet of 7,500. The property offers both retail and storage spaces.

 

9. 310-316 Lenox Avenue, Manhattan

Sale Price: $21,080,388

Buyer: 310 Lenox Avenue LLC and Rm 310 Lenox LLC

Seller: Off-Court, LLC

Located in Harlem, this is a low-rise office building with 5 units and close to 25,000 square feet.

 

10. 160 East 56 Street, Manhattan

Sale Price: $18,750,000

Buyer: Gray Associates, LLC

Seller: Annette Duffy Odell, Executrix and Estate of Anna M Duffy and Gray Associates, LLC and Rose Lyons Properties LLC

Located in Central Midtown, this office building holds 42 commercial units and over 50,000 square feet.