{"id":1004146483,"date":"2016-06-21T11:36:47","date_gmt":"2016-06-21T19:36:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004146483"},"modified":"2025-02-25T23:54:27","modified_gmt":"2025-02-26T07:54:27","slug":"top-10-nyc-commercial-property-sales-recorded-in-may-2016","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/top-10-nyc-commercial-property-sales-recorded-in-may-2016\/","title":{"rendered":"Top 10 NYC Commercial Property Sales Recorded in May 2016"},"content":{"rendered":"

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.<\/p>\n

\"Source:<\/a>

Source: PropertyShark, a Yardi Systems Inc. company<\/p><\/div>\n

 <\/p>\n

1. <\/strong>1285 Avenue of the Americas, Manhattan<\/strong><\/a>\"Top<\/a><\/strong><\/p>\n

Sales Price: $1,649,000,000<\/strong><\/p>\n

Buyer: <\/strong>RXR 1285 Owner LLC<\/p>\n

Seller: <\/strong>1285 LLC<\/p>\n

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.<\/p>\n

 <\/p>\n

2.<\/strong> 405 Park Avenue, Manhattan<\/strong><\/a><\/p>\n

Sales Price: $237,764,000<\/strong><\/p>\n

Buyer: <\/strong>RAR2 – 405 Park, LLC<\/p>\n

Seller: <\/strong>Donerail, LLC<\/p>\n

Number two on this list goes to a 17-story mixed-use building in Central Midtown, one of the city\u2019s priciest neighborhoods for rents. Housing 20 office and retail units in Manhattan\u2019s Plaza District, 405 Park Ave is surrounded by prime property. Nearby 425 Park Avenue is slated to become one of NYC\u2019s tallest buildings<\/a> when construction is completed in 2017.<\/p>\n

 <\/p>\n

3. <\/strong>16-18 West 57 Street, Manhattan<\/strong><\/a><\/p>\n

Sales Price: $128,000,000<\/strong><\/p>\n

Buyer: <\/strong>16 West 57th Street Company LLC<\/p>\n

Seller: <\/strong>New York 05212014, LLC<\/p>\n

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.<\/p>\n

 <\/p>\n

4. <\/strong>4301 22nd<\/sup> Street<\/strong><\/a> and <\/strong>4202 23rd<\/sup> Street<\/strong><\/a>, Queens<\/strong><\/p>\n

Sales Price: $60,999,999<\/strong><\/p>\n

Buyer: <\/strong>LSK Realty Queens LLC, JK Realty Queens LLC, RK Realty Queens LLC<\/p>\n

Seller: <\/strong>Kaufman, Leslie S, Kaufman, Jonathan, Kaufman, Roger<\/p>\n

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.<\/p>\n

 <\/p>\n

5. <\/strong>11 Broadway, Manhattan<\/strong><\/a><\/p>\n

Sales Price: $52,434,000<\/strong><\/p>\n

Buyer: <\/strong>11 Broadway Holdings LLC<\/p>\n

Seller: <\/strong>NYC Partnership HDFC, INC.<\/p>\n

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.<\/p>\n

 <\/p>\n

6. <\/strong>251-255 West 30 Street, Manhattan<\/strong><\/a><\/p>\n

Sales Price: $50,450,000<\/strong><\/p>\n

Buyer: <\/strong>251 West 30th Owner LLC<\/p>\n

Seller: <\/strong>251 Holdings, LLC, BR1941 LLC, RG Associates RE LLC<\/p>\n

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\u2019s musical mecca.<\/p>\n

 <\/p>\n

7. <\/strong>243 Canal Street, Manhattan<\/strong><\/a><\/p>\n

Sales Price: $25,000,000<\/strong><\/p>\n

Buyer: <\/strong>251 West 30th Owner LLC<\/p>\n

Seller: <\/strong><\/p>\n

Located in SoHo \u2013 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.<\/p>\n

 <\/p>\n

8. <\/strong>149 East 124 Street, Manhattan<\/strong><\/a><\/p>\n

Sales Price: $21,000,000<\/strong><\/p>\n

Buyer: <\/strong>160 East 125th Owner LLC<\/p>\n

Seller: <\/strong>A&P Real Property LLC CO Greater Atlantic & Pacific<\/p>\n

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.<\/p>\n

 <\/p>\n

9. <\/strong>486 8 Ave., Manhattan<\/strong><\/a><\/p>\n

Sales Price: $20,000,000<\/strong><\/p>\n

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.<\/p>\n

Buyer: <\/strong>486 8th Avenue Eat LLC<\/p>\n

Seller: <\/strong>S G GROSS CO., INC.<\/p>\n

 <\/p>\n

10. <\/strong>314 5 Avenue, Manhattan<\/strong><\/a><\/p>\n

Sales Price: $19,287,375 <\/strong><\/p>\n

Buyer: <\/strong>5th Ave Gateway Land, LLC<\/p>\n

Seller: <\/strong>314 Fifth Avenue, Inc.<\/p>\n

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<\/a>.<\/p>\n

 <\/p>\n

Summary<\/strong><\/p>\n

While Long Island City refuses to be ignored, this month\u2019s 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<\/sup> Street.<\/p>\n","protected":false},"excerpt":{"rendered":"

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.  …<\/p>\n","protected":false},"author":1312,"featured_media":1004507518,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11,1600,10,37789,37790],"tags":[],"class_list":["post-1004146483","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-midatlantic","category-new-york","category-northeast","category-rc-office-nyc-spotlight","category-rc-retail-nyc-spotlight"],"acf":[],"yoast_head":"\nTop 10 NYC Commercial Property Sales Recorded in May 2016 - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/top-10-nyc-commercial-property-sales-recorded-in-may-2016\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Top 10 NYC Commercial Property Sales Recorded in May 2016\" \/>\n<meta property=\"og:description\" content=\"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. 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