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February Wrap-Up: Top 5 CRE Sales in NYC

03/21/2016
Published By: Reonomy

Reonomy's blog covers the top five investment sales transactions that take place in New York each month. The details of these transactions are powered by our data engine which covers every transaction in all five boroughs by aggregating, cleansing and validating hundreds of sources of information.

In February 2016, sales were distributed between Midtown, Midtown East and Midtown South, with Chelsea and Manhattan Valley also seeing activity.

Largest Sale:
885 3rd Avenue @ $453 million

 

 

 

 

 

Sales Price: $453 million 
Buyer: Ceruzzi Holdings 
Seller: SL Green Realty Corp. 
Neighborhood: Midtown East 
Building Category: Office

This $453 million deal closed when SL Green Realty Corp. sold the land underneath the Lipstick Building to Ceruzzi Holdings. The Lipstick Building, coined due to its oval shape and pink color, is also known as the setting for Bernie Madoff’s $65 billion Ponzi scheme.

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Number 2:
160 West 24th Street @ $211 million

 

 

 

 

 

Sales Price: $211 million 
Buyer: Greystar Real Estate Partners 
Seller: LaSalle Investment Management 
Neighborhood: Chelsea 
Building Category: Elevator Apartment

Greystar Real Estate Partners paid LaSalle Investment Management $211.3 million for this 204-unit rental building in Chelsea. Greystar was just getting started–in another deal, it bought two rental developments in Williamsburg for $125 million, according to The Real Deal. The purchase of all three assets cost them $336.3 million.

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Number 3:
146 West 57th Street @ $163 million

 

 

 

 

 

Sales Price: $163 million 
Buyer: Mitsubishi 
Seller: L&L and BlackRock 
Neighborhood: Midtown 
Building Category: Condo

In this $163 million deal, Mitsubishi Corporation acquired a 98.6 percent stake in the office-and-retail section of the Metropolitan Tower. L&L will continue to own the remaining stake in this 250,000-square-foot commercial condo near Central Park.

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Number 4:
471 - 476 Central Park West @ $65 million

 

 

 

 

 

Sales Price: $65 million 
Buyer: Sugar Hill Capital Partners 
Seller: Upwest Co. LLC (Benjamin Hadar and Leonard Solomon) 
Neighborhood: Manhattan Valley 
Building Category: Walk Up Apartment

Sugar Hill Capital Partners purchased 471-476 Central Park West, a total of 125 apartments for $65 million. The buildings, previously owned by Upwest Co. LLC, span 61,875 square feet and are located between West 107th and 108th streets.

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Number 5:
10 East 34th Street @ $51.7 million

Sales Price: $51.7 million 
Buyer: Caerus Group 
Seller: Brause Realty 
Neighborhood: Midtown South 
Building Category: Office

Our final top sale of February is a 55,000-square-foot property in Midtown South between Fifth and Madison avenues. Caerus Group purchased the office from Brause Realty for $51.7 million.

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Release Date03/21/2016 - 02:37

Source

Reonomy

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