Top 10 NYC Commercial Property Sales Recorded in May 2016
The stats are in, and the latest PropertyShark data shows which New York City properties recorded in May clocked in the top ranking sale prices. Keep reading and discover which borough dominated, which made a surprise run for the top, which property types are the hottest now, and who the big deal makers are. …
The stats are in, and the latest PropertyShark data shows which New York City properties recorded in May clocked in the top ranking sale prices. Keep reading and discover which borough dominated, which made a surprise run for the top, which property types are the hottest now, and who the big deal makers are.
Source: PropertyShark, a Yardi Systems Inc. company
1. 1285 Avenue of the Americas, Manhattan
Sales Price: $1,649,000,000
Buyer: RXR 1285 Owner LLC
Seller: 1285 LLC
This is another monumental deal closed by RXR. The new owner inherits the UBS as a tenant for 900,000 square feet of this building. Originally designed by Skidmore, Owings, & Merrill in the 1960s, this Times Square – Theater District office building boasts 42 floors and 77 units.
Sales Price: $237,764,000
Buyer: RAR2 – 405 Park, LLC
Seller: Donerail, LLC
Number two on this list goes to a 17-story mixed-use building in Central Midtown, one of the city’s priciest neighborhoods for rents. Housing 20 office and retail units in Manhattan’s Plaza District, 405 Park Ave is surrounded by prime property. Nearby 425 Park Avenue is slated to become one of NYC’s tallest buildings when construction is completed in 2017.
3. 16-18 West 57 Street, Manhattan
Sales Price: $128,000,000
Buyer: 16 West 57th Street Company LLC
Seller: New York 05212014, LLC
After years of controversy, the new owner of this property, Sheldon Solow, may get his wish to transform this strip into a magnificent residential tower. 16 West is currently a mixed-use office and retail building with 5 units. However, Solow owns several of the neighboring buildings, as well as the tower across the street.
4. 4301 22nd Street and 4202 23rd Street, Queens
Sales Price: $60,999,999
Buyer: LSK Realty Queens LLC, JK Realty Queens LLC, RK Realty Queens LLC
Seller: Kaufman, Leslie S, Kaufman, Jonathan, Kaufman, Roger
In the only non-Manhattan deal on this list, Long Island City proves it is still a magnet for investors, business, and residents. 4301 22 Street currently hosts 12 units including art studios and offices across 225,000 square feet. 4202 23 Street provides extended parking. This will also be the site of the main stage for the 2016 Queens New Music Festival.
Sales Price: $52,434,000
Buyer: 11 Broadway Holdings LLC
Seller: NYC Partnership HDFC, INC.
This Broadway property is a soaring 50-unit office building in the Financial District. It is located at the southern end of Broadway, across from Bowling Green and the iconic Charging Bull, with Battery Park just down the street.
6. 251-255 West 30 Street, Manhattan
Sales Price: $50,450,000
Buyer: 251 West 30th Owner LLC
Seller: 251 Holdings, LLC, BR1941 LLC, RG Associates RE LLC
This is a temple style loft building with 36 commercial units and 7 residential units in Chelsea, close to Madison Square Gardens and Penn Station in the heart of NYC’s musical mecca.
7. 243 Canal Street, Manhattan
Sales Price: $25,000,000
Buyer: 251 West 30th Owner LLC
Seller:
Located in SoHo – Chinatown, this mixed-use building with office and retail units, was purchased by City Urban Realty who acquired it from the estate of Sau Tchu Luu Fan, who had acquired the property in 1971.
8. 149 East 124 Street, Manhattan
Sales Price: $21,000,000
Buyer: 160 East 125th Owner LLC
Seller: A&P Real Property LLC CO Greater Atlantic & Pacific
Just steps from the 125 Street station, DMV, IRS offices, and New York Public Library, this low-rise store building in East Harlem sold for $21M.
Sales Price: $20,000,000
This 8th Avenue property is a low-rise Garment District retail building situated within view of Madison Square Garden and several blocks south of Times Square.
Buyer: 486 8th Avenue Eat LLC
Seller: S G GROSS CO., INC.
Sales Price: $19,287,375
Buyer: 5th Ave Gateway Land, LLC
Seller: 314 Fifth Avenue, Inc.
Just a block away from the Empire State Building, in Koreatown, this property is situated across from soaring and stylish NYC skyscrapers, and it is home to the eclectic Turntable Chicken Jazz.
Summary
While Long Island City refuses to be ignored, this month’s list was absolutely dominated by Manhattan. Office still appears to be the most in-demand property type, yet it could be incredibly exciting to see what Sheldon Solow does with his new development site on 57th Street.
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