February Wrap-Up: Top 5 CRE Sales in NYC
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.
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.
160 West 24th Street @ $211 million
Sales Price: $211 million
Buyer: Greystar Real Estate Partners
Seller: LaSalle Investment Management
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.
146 West 57th Street @ $163 million
Sales Price: $163 million
Seller: L&L and BlackRock
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.
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.
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.