10/13/08
Commercial Sales
Commercial Sales |
Retail Leases |
Office Leases
Please submit deals to: deals@therealdeal.com
Please submit deals to: deals@therealdeal.com
| Address | Size Info | Buyer | Representative | Seller | Representative | Price | Notes | Issue |
|---|---|---|---|---|---|---|---|---|
| 316 Third Ave map | 21-story, 260,000 sf apt. bldg | New York University | n/a | JD Carlisle Development Corp. | n/a | $275.0M | The residential property sold for $275 million, or $1,058 per square foot. NYU will use the building to house 900 undergraduate students. The facility includes a study lounge on floors three through five as well as a large space for events and activities. The sub-level space will open in spring 2009 with a gym, private study rooms and a TV lounge. | October 2008 |
| 814 Madison Ave map | 11-story apt. bldg, 44 units total | Abro Management affiliates | n/a | Madison 68 Corporation of Manhattan | n/a | $191.8M | The rental building sold for $191.8 million. Rents at the property ranged over the past two years from $3,100 for a one-bedroom to $30,000 for a five-bedroom unit, according to StreetEasy. Abro Management also purchased two apartment buildings at 103-109 East 86th Street and 115-119 East 82nd Street for $85 million. In addition, Abro recently sold two apartment buildings at 34 Hillside Avenue and 2 Ellwood Street for $23.1 million and $17.1 million, respectively (see below). | October 2008 |
| 370 Lexington Ave map | 27-story, 305,000 sf office bldg | Sherwood Equities; JPMorgan Chase | Represented in-house | Broad Street Development | C&W | $155.0M | The office tower sold for $155 million, or $508 per square foot. Broad Street Development acquired the property for $97.5 million two years ago. Asking rents at the building range from $64 to $68 per square foot. | October 2008 |
| 23 Wall St/15 Broad St map | 42-story, 725,803 sf apt. bldg | Far East investment fund | n/a | Africa Israel Investments | n/a | $150.0M | Africa Israel sold its entire stake in the property for $150 million. The Israel-based company also sold minority shares of 5 Madison Avenue for $150 million and the former New York Times Building at 229 West 43rd Street for $49 million to help finance redevelopment projects for the buildings (see below). | October 2008 |
| 5 Madison Ave map | 41-story, 267,000 sf office bldg | Far East investment fund | n/a | Africa Israel Investments | n/a | $150.0M | A 49.9 percent interest in the Clock Tower portion of the property sold for $150 million. The sale will help finance the planned conversion of the building into luxury apartments. Africa Israel paid $200 million for the building last year. | October 2008 |
| 98 Montague St map | 14-story, 140,000 sf hotel, 224 rooms total | RAL Companies & Affiliates | n/a | Jehovah’s Witnesses | n/a | $92.0M | The former Hotel Bossert went into contract for $92 million. The buyer plans to convert the property into student housing and then sell or lease the building to a university. | October 2008 |
| 360 Lexington Ave map | 26-story, 240,000 sf office bldg | AEW | n/a | Himmel + Meringoff Properties | D. Stacom, B. Shanahan, CBRE | $90.0M | The office tower sold for $90 million plus the assumption of a $38.6 million mortgage. The building was built in 1958 and is home to such tenants as the Afghanistan Consulate General, the Permanent Mission of the Republic of Namibia and Sumitomo Electric Finance. | October 2008 |
| 103-109 East 86th St and 115-119 East 82nd St map | 2 apt. bldgs, 86 units total | Abro Management | T. Shafran, L. Sternhell, P. Vanderpool, Capin & Associates | The Jaglom family | T. Shafran, L. Sternhell, P. Vanderpool, Capin & Associates | $85.0M | The properties sold for $85 million. The two buildings contain four professional suites in addition to the residential units. | October 2008 |
| 2148 Broadway map | 5-story, 60,635 sf mixed-use bldg | Continental Ventures | n/a | Rebak Realty | n/a | $75.0M | The property sold for $75 million. The buyer plans a 24-story residential development of 300,000 square feet. | October 2008 |
| 425 Main St (Riverwalk Landing) map | 96 apt. units | Memorial Sloan Kettering | n/a | Hudson Companies; The Related Companies | n/a | $49.51M | The hospital exercised an option to purchase 96 units at the condo for $49.51 million. | October 2008 |
| 229 West 43rd St map | 15-story, 775,000 sf office bldg | Far East investment fund | n/a | Africa Israel Investments | n/a | $49.0M | Africa Israel sold a 49 percent share in the former New York Times Building for $49 million. The buyer has an option to purchase an additional 1 percent interest in the property, and will take on a share of the $711 million in costs for redeveloping the building. | October 2008 |
| 162-164 West 48th St map | 4-story, 9,300 sf retail bldg | 164 West 48th Street LLC | n/a | Alessandro Carozza | n/a | $33.4M | The 50-year lease for the property sold for $33.4 million. A Sam Ash Music store occupies the building's retail space. | October 2008 |
| 62 Madison Ave map | 11-story hotel, 81 rooms total | Madison Hotel LLC | n/a | n/a | n/a | $32.0M | The hotel sold for $32 million, or $395,062 per room. | October 2008 |
| 413-15 West Broadway map | 6-story, 30,000 sf apt. bldg | Willwest Holdings | Edmond Levy, Cornerstone Property Group | 413 West Broadway Corp. | Edmond Levy, Cornerstone Property Group | $28.5M | The loft property sold for $28.5 million, or $950 per square foot. The price represents a capitalization rate of 3.5 percent. | October 2008 |
| 34 Hillside Ave map | 6-story, 161,362 sf apt. bldg, 186 units total | Vantage Properties affiliates | Capin and Associates | Abro Management | Capin and Associates | $23.1M | The elevator building sold for $23.1 million, or $143 per square foot. The buyer also acquired an adjacent residential building for $17.1 million (see below). | October 2008 |
| 11 East 88th St map | 8-story, 27,464 sf apt. bldg | Manhattan investor | n/a | J. Nelson, C. Rosenthal, Massey Knakal | n/a | $19.0M | The elevator property sold for $19 million, or $692 per square foot. Of the property's 24 residential units, 12 are rent stabilized and 12 are free market. | October 2008 |
| 231 Bowery map | 6-story, 47,067 sf comm. bldg | New Museum of Contemporary Art | n/a | n/a | Robert Burton, Massey Knakal | $18.6M | The loft building sold for $18.6 million, or $395 per square foot. The property will be delivered vacant with the exception of three rent-stabilized artist spaces. | October 2008 |
| 496 Broadway map | 5-story office bldg | Idylwood NY | n/a | 496 Broadway Realty | n/a | $18.0M | The loft property sold for $18 million. The seller in the transaction purchased the building last year from Wo Yee Hing Realty for $10 million. The first floor is currently occupied by a jewelry shop. | October 2008 |
| 2 Ellwood St map | 6-story, 119,788 sf apt. bldg, 155 units total | Vantage Properties affiliates | Capin and Associates | Abro Management | Capin and Associates | $17.1M | The residential property sold for $17.1 million, or $143 per square foot. | October 2008 |
| 154 Delancey St map | 5,045 sf development site | Sam Chang | n/a | n/a | Michael DeCheser, Massey Knakal | $15.75M | The property sold for $15.75 million, or $330 per buildable square foot. The current zoning for the site is C6-1, but a proposed C6-2A zoning change could boost the total buildable square footage to 47,706. | October 2008 |
| 180-182 Bowery map | 30,000 buildable sf development site | Manhattan investor | n/a | The 114 Bowery Corporation | Robert Burton, Massey Knakal | $11.78M | The property sold for $11.78 million, or $393 per buildable square foot. The site has a three-story, 10,750-square-foot commercial building. | October 2008 |
| 555 Hutchinson River Pkwy (The Bronx) map | 2-story, 33,000 sf hotel, 95 rooms total | Baywood Hotels | Laurence Ross, Besen & Associates | Whitestone Motel Co. | Laurence Ross, Besen & Associates | $11.68M | The Capri Whitestone Motel sold for $11.68 million, or about $123,000 per room. The property has 190 feet of frontage and sits on a 98,000-square-foot lot with parking spaces. | October 2008 |
| 212 East 47th St map | 24,500 sf garage | Long Island parking company | n/a | n/a | Robert Knakal, Massey Knakal | $11.5M | The 105-car parking garage sold for $11.5 million, or $469 per square foot. The space is currently occupied by Central Parking System, whose lease expires in May 2009 with no renewal options. | October 2008 |
| 125 Maiden Ln map | 25,622 sf office condo | The Jewish Forward | Larry Roberts, Arch Brokerage | Empire State Development Corp. | Michael Rudder, Time Equities | $11.5M | The news organization purchased the entire eight-floor space for $11.5 million, or $450 per square foot. The company plans to relocate at the end of the year from 45 East 33rd Street. | October 2008 |
| East 11th St and Avenue A map | 7,500 sf development site | Archdiocese of New York | n/a | The Salesian Society | n/a | $10.4M | Two of the three playground parcels went into contract for $10.4 million. The buyer owns the third parcel as well as the adjacent Mary Help of Christians Catholic Church that was closed in May 2007. | October 2008 |
| 75 Greene St map | 5-story, 10,000 sf office bldg | Alberto Makali | n/a | The Dorcel Corporation | n/a | $8.97M | The loft building sold for $8.97 million. It is currently unoccupied, but the buyer plans to rehabilitate it and offer it for rent this fall. The first floor unit will be leased as retail space and the upper floors as offices. | October 2008 |
| 35-37 West 23rd St map | 4,100 sf retail condo | AWN Holding LLC | Roxanne Betesh, Sinvin Realty | n/a | Alan Gallaway, Kurland Realty | $7.15M | The retail condo sold for $7.15 million. | October 2008 |
| 1207 49th St (Brooklyn) map | 4-story, 36,000 sf mixed-use bldg | Brooklyn Pinnacle Realty Group | Moshe Gottfried, Blue Sky Realty | n/a | Jason Maier, Massey Knakal | $6.25M | The property sold for $6.25 million, or $174 per square foot. The price represents a capitalization rate of 5.55 percent and a gross rent multiple of 11.7. The building has 36 residential units and seven commercial units. | October 2008 |
| 30-59 Steinway St (Queens) map | 3-story, 13,968 sf mixed-use bldg | New York investor | n/a | n/a | Alfonso Holloman, Massey Knakal | $6.1M | The property sold for $6.1 million, or $437 per square foot. The site has two stores, a parking lot, warehouse space and 12 apartments. | October 2008 |
| 85 Fifth Ave map | 8,500 sf office condo | ABKCO Music and Records | n/a | Cornwall Capital | Matthew Bergey, CBRE | $6.0M | The 11th-floor commercial condo sold for $6 million, or $706 per square foot. | October 2008 |
| 429 Greenwich St map | 7,660 sf retail condo | E&G Realty | Roxanne Betesh, Sinvin Realty | LKS Concepts | n/a | $6.0M | The retail condo sold for $6 million. | October 2008 |
| 520 West 27th St map | Two 2,400 sf office condos | n/a | n/a | Peter Moore Associates | Roxanne Betesh, Sinvin Realty | $5.25M | The pair of commercial condos sold for $5.25 million, or $1,094 per square foot. The units are located on the 10th and 11th floors, and each has a 370-square-foot terrace. | October 2008 |
| 307-323 Martense St (Brooklyn) map | Two 4-story apt. bldgs, 54 units total | Farkas Management | Yisroel Krinsky, Krinsky & Associates | Capani's Management | Dovi Lesches, Lesches Group | $4.65M | The adjacent walk-up properties sold for $4.65 million, or approximately $86,000 per unit. The price represents a capitalization rate of 8.4 percent. | October 2008 |
| 1667 and 1690 Clay Ave (The Bronx) map | Two 5-story apt. bldgs, 43 units total | Titan Capital | n/a | The Gershnov family | Colin Rowen, GFI Realty | $3.8M | The walk-up buildings sold for $3.8 million as part of a reverse 1031 exchange. The properties also have two ground-level stores. | October 2008 |
| 96 and 102 Hart St (Brooklyn) map | Two 5-story apt. bldgs, 40 units total | n/a | Rosewood Realty Group | n/a | Rosewood Realty Group | $3.6M | The two elevator buildings sold for $3.6 million. The price represents a gross rent multiple of 9.6. | October 2008 |
| 19-21 Barrow St map | 4-story apt. bldg, 14 units total | n/a | Joe Smith, Extreme Realty | n/a | Nadeem Haque, Extreme Realty | $3.4M | The walk-up property sold for $3.4 million. The building houses the restaurant, One if by Land Two if by Sea, on the ground floor. | October 2008 |
| 339 Broadway (Brooklyn) map | 3-story mixed-use bldg | n/a | Michael Guarino Jr., Extreme Realty | n/a | Michael Guarino Sr., Extreme Realty | $2.75M | The single-room-occupancy building sold for $2.75 million. The property has 116 rooms and two stores. | October 2008 |
| 1151 and 1155 East 165th St (The Bronx) map | Two 5-story apt. bldgs, 22 units total | Local investor | Michael Kerwin, GFI Realty | n/a | n/a | $2.48M | The two walk-up buildings sold for $2.48 million, or $112,000 per unit. The price represents a gross rent multiple of 6.9. Both properties consist of three-bedrooms and are 100 percent occupied. | October 2008 |
| 168-70 East 112th St map | 16,897 buildable sf development site | Local investor | n/a | n/a | Shimon Shkury, Massey Knakal | $2.45M | The vacant parcel sold for $2.45 million, or $145 per buildable square foot. The buyer plans to build a residential building on the site. | October 2008 |
| 304 Spring St map | 1,428 sf retail condo | Tim Case | Roxanne Betesh, Sinvin Realty | Zakrzewski & Hyde Architects | Roxanne Betesh, Sinvin Realty | $2.2M | The retail condo sold for $2.2 million. | October 2008 |
| 520 West 27th St map | 2,374 sf office condo | Donna Langman | Phil Metzidakis, Jansizian Group | Peter Moore Associates | Roxanne Betesh, Sinvin Realty | $1.9M | The third-floor commercial condo sold for $1.9 million, or $800 per square foot. The space also includes a 278-square-foot terrace. | October 2008 |
| 953 Cypress Ave (Queens) map | 2-story, 14,000 sf retail bldg | Ridgewood Realty | Dmitri Gourianov, Kalmon Dolgin Affiliates | The Costarelli family | Dmitri Gourianov, Kalmon Dolgin Affiliates | $1.85M | The shopping center sold for $1.85 million, or $132 per square foot. The property has 12,500 square feet of retail space on the first floor and 1,500 square feet of office space on the second floor. The buyer leased the space as a warehouse in 2005 with an option to buy, and redeveloped the property into a retail complex. The site has an additional 11,000 square feet of air rights for future development. | October 2008 |
| 228 East 125th St map | 13,600 buildable sf development site | The Church of Scientology | Doug Furer, Mariner Real Estate | n/a | Shimon Shkury, Massey Knakal | $1.7M | The property sold for $1.7 million. The site has a two-story commercial building, which is currently leased to Pantane Printing Press. | October 2008 |
| 520 West 27th St map | 1,533 sf office condo | TATE Museum | n/a | Daren Herzberg | Roxanne Betesh, Sinvin Realty | $1.4M | The fourth-floor commercial condo sold for $1.4 million, or $913 per square foot. | October 2008 |
| 1340 60th St (Brooklyn) map | 3-story, 5,880 sf apt. bldg | n/a | n/a | n/a | John Gallagher, Massey Knakal | $1.28M | The property sold for $1.28 million, or $217 per square foot. The building has one commercial unit on the ground floor and two apartments on the upper floors. | October 2008 |
| 520 West 27th St map | 1,260 sf office condo | Mina Norton | Phil Metzidakis, Jansizian Group | Emily Kunstler | Roxanne Betesh, Sinvin Realty | $1.1M | The fourth-floor commercial condo sold for $1.1 million, or $869 per square foot. | October 2008 |
| 520 West 27th St map | 2-story, 6,000 sf retail condo | Nancy Hoffman Gallery | Michelle Stone, Sinvin Realty | Peter Moore Associates | Michelle Stone, Sinvin Realty | n/a | The multi-level retail condo sold for an undisclosed price. | October 2008 |
| 1372 Broadway map | 21-story, 541,752 sf office bldg | Local investors | n/a | Wachovia Corp.; SL Green | Doug Harmon, Eastdil Secured | $294.0M | The building went into contract to a partnership led by investor Lloyd Goldman for $294 million, or $542 per square foot. Wachovia acquired its 85 percent stake in the property from SL Green last July for $335 million. | September 2008 |
| 126 East 56th St (Tower 56) map | 33-story, 171,571 sf office bldg | Transwestern Investment Co. | n/a | Macklowe Properties | Eastdil Secured | $160.0M | The tower went into contract for about $160 million, or $925 per square foot. With this purchase, Chicago-based Transwestern is making its return to the city after selling 360 Madison Avenue and 28 West 44th Street several years ago. | September 2008 |
| 845 West End Ave map | 15-story, 13,398 sf apt. bldg, 91 units total | Sterling American Property Fund IV | n/a | Nostra Realty Corp. | n/a | $83.0M | The property sold for $83 million. | September 2008 |
| 713 Madison Ave map | 5-story mixed-use bldg | Longchamp | n/a | Jody Mailman Wolfe | n/a | $48.0M | The Paris-based retailer purchased the townhouse housing one of its two Manhattan stores for $48 million. The building has apartments on the upper floors. | September 2008 |
| 230 Riverside Dr map | 123 units in 183,200 sf apt. bldg | Alexico Group | Mark Zborovsky, Mark Zborovsky & Co. | Brack Capital Real Estate | Massey Knakal | $41.4M | Alexico purchased nearly half of a 261-unit condo conversion for $41.4 million, paying prices ranging from $137,000 to $555,000 for each home. | September 2008 |
| 837 Washington St map | 10,335 sf development site | Robert Isabell | n/a | James Ortenzio | n/a | $40.0M | The property sold for $40 million. | September 2008 |
| 104 East 40th St map | 9-story, 72,500 sf office bldg | Philips International | n/a | Geo. A. Gottlieb & Co. | Massey Knakal | $36.0M | The commercial property sold for $36 million. | September 2008 |
| Brooklyn portfolio map | Four 6-story apt. bldgs, 324 units total | n/a | Rosewood Realty | n/a | Rosewood Realty | $35.3M | The four elevator buildings sold for $35.3 million. The properties are located at 715 St. Marks Avenue, 621 Lefferts Avenue, 649 Empire Boulevard and 114 Albemarle Road. The price represents a gross rent multiple of 10.4. | September 2008 |
| 431 West 33rd St map | 7,406 sf development site | The Port Authority of New York and New Jersey | n/a | McSam Hotel Group | n/a | $30.0M | The vacant parcel sold for $30 million. McSam acquired the property six months earlier for $24 million. | September 2008 |
| 2101 Emmons Ave (Brooklyn) map | 3-story, 113,000 sf retail bldg | Local and European investors | Erik Yankelovich, GFI Realty | Bayrock Group | Josh Bernstein, Bayrock Group | $24.0M | Loehmann's Seaport Plaza sold for $24 million in an all-cash transaction. The price represents a capitalization rate of 6 percent. The property has 63,000 square feet of retail and a 50,000-square-foot parking garage with 186 spaces. | September 2008 |
| 201 Berry St and 248 Bedford Ave (Brooklyn) map | 42,000 sf development site | Quadriad Realty Partners | Joe Nicholas, Kalmon Dolgin Affiliates | Wydra Enterprises | Joe Nicholas, Kalmon Dolgin Affiliates | $22.0M | The vacant block-through parcel sold for $22 million. The buyer, a developer, plans an 82,000-square-foot building with apartments, retail and underground parking. | September 2008 |
| 327 St. Nicholas Ave map | 5-story, 96,000 sf apt. bldg, 73 units total | Bluestar Properties | n/a | n/a | n/a | $15.36M | The prewar rental building sold for $15.36 million. All of the apartments at the former public elementary school are currently occupied. The new owner plans to rent out the 5,300 square feet of below-grade space to up to three nonprofits for community facilities. | September 2008 |
| 25 Central Park West (The Century) map | Package of 15 condos, 22,989 sf total | 25 CPW LLC | Deborah Gutoff, Eastern Consolidated | Madison Century Realty | E. Anton, R. Solarz, J. Toothman, Eastern Consolidated | $14.25M | The prewar portfolio of occupied condos sold for $14.25 million. | September 2008 |
| 150 Delancey St map | 2-story comm. bldg | McSam Hotel Group | n/a | Greg Manocherian | Massey Knakal | $12.25M | The property sold for $12.25 million. McSam, which also owns the neighboring 152-154 Delancey Street building, plans to build a six-story hotel on the site. | September 2008 |
| 86-11 Whitney Ave (Queens) map | 6-story apt. bldg, 90 units total | Westchester investor | n/a | n/a | Swain Weiner, Massey Knakal | $11.18M | The elevator building sold for $11.18 million, or $135 per square foot. The price represents a capitalization rate of 4.4 percent and a gross rent multiple of 12. The apartments include 17 studios, 48 one-bedrooms, 24 two-bedrooms and a super's unit. | September 2008 |
| 122 West 34th St map | 36,350 sf land parcel | Partnership led by Peter and Anthony Malkin | n/a | The Carr and Miccolino families | Massey Knakal | $9.5M | The land underneath the four-story building went into contract for $9.5 million. Footlocker occupies the ground-level retail space and has offices above. | September 2008 |
| 58 East 56th St map | 4-story, 6,750 sf mixed-use bldg | Pennsylvania investor | Barbara Hochauser, Corcoran | n/a | J. Nelson, M. Spinelli, Massey Knakal | $8.5M | The property sold for $8.5 million, or $1,199 per square foot. The price represents a capitalization rate of 4.3 percent and a gross rent multiple of 16.9. The first and second floors are occupied by a caf?, which had three years left on its lease; the upper floors contain five apartments. | September 2008 |
| 185 Bowery map | 7,400 sf development site | Brack Capital Real Estate | n/a | Intersales Commercial Company | n/a | $8.0M | The current site of a century-old, four-story commercial townhouse sold for $8 million. Brack Capital has now assembled four adjacent lots near Spring Street, with addresses at 187, 189 and 191 Bowery. | September 2008 |
| 92-01 37th Ave (Queens) map | 5-story, 41,830 sf mixed-use bldg | Queens investor | n/a | n/a | S. Weiner, K. Hillman, Massey Knakal | $7.7M | The property sold for $7.7 million, or $184 per square foot. The price represents a capitalization rate of 7.1 percent and a gross rent multiple of 10.4. The building has 45 residential units, including three studios, 35 one-bedrooms and seven two-bedrooms, as well as six stores. | September 2008 |
| 514 and 516 West 135th St map | Two 6-story apt. bldgs, 49 units total | Local investor | L. Sternhell, P. Vanderpool, T. Shafran, Capin & Associates | Tieman Place Associates | L. Sternhell, P. Vanderpool, T. Shafran, Capin & Associates | $6.55M | The pair of apartment buildings sold for $6.55 million. Around 40 percent of the units were vacant at the time of the sale. | September 2008 |
| 339 East 90th St map | 5-story apt. bldg | NJB Realty | Abe Bichoupan, Cornerstone Property Group | Schildbar Properties | Lipa Lieberman, Cornerstone Property Group | $4.45M | The walk-up property sold for $4.45 million. The price represents a capitalization rate of 5.4 percent and a gross rent multiple of 12. | September 2008 |
| 343 Warren St (Brooklyn) map | 2-story, 22,500 sf office bldg | Manhattan investor | n/a | n/a | Brian Leary, Massey Knakal | $4.2M | The commercial property sold for $4.2 million, or $187 per square foot. The price represents a capitalization rate of 6.2 percent and a gross rent multiple of 14.6. | September 2008 |
| 134 West 29th St map | 5,000 sf office co-op | DNT Enterprises | J. Dayan, A. Ben-Dayan, Winoker Realty | PADAM LLC | D. Segal, Newmark Knight Frank; R. Miller, Brown Harris Stevens | $2.9M | The third-floor office co-op sold for around $2.9 million. The buyer plans to move its offices from 60 East 42nd Street. | September 2008 |
| 507 West 170th St map | 5-story apt. bldg, 25 units total | n/a | L. Sternhell, P. Vanderpool, T. Shafran, Capin & Associates | Hallil Sikandar | Isaac Kohannim, Capin & Associates | $2.87M | The property sold for $2.87 million. The units are currently renting at below-market rates. | September 2008 |
| 655 West 177th St map | 5-story apt. bldg, 25 units total | n/a | Rosewood Realty | n/a | Rosewood Realty | $2.75M | The prewar property sold for $2.75 million. The price represents a gross rent multiple of about 10. | September 2008 |
| 125 Maiden Lane map | 4,865 sf office condo | NY Commercial Press | P. Dugan, V. LaManna, CBRE | Time Equities | Michael Rudder, Time Equities | $2.4M | The commercial condo sold for $2.4 million. | September 2008 |
| 222 Avenue B map | 4-story, 5,019 sf apt. bldg | Manhattan investor | n/a | n/a | Cory Rosenthal, Massey Knakal | $2.4M | The property sold for $2.4 million, or $478 per square foot. The price represents a capitalization rate of 4.7 percent and a gross rent multiple of 17.5. The building has five market-rate apartments and a retail space on the ground floor. It also has an additional 2,961 square feet of air rights. | September 2008 |
| 761-763 Humboldt St (Brooklyn) map | 2-story, 7,984 sf warehouse | Kentucky user | Warren Baymond, DY Realty | n/a | M. Lively, P. Kean, Massey Knakal | $2.3M | The industrial property sold for $2.3 million, or $229 per square foot. | September 2008 |
| 6834 Forest Ave (Queens) map | 6,672 sf mixed-use bldg | Kei Kei Enterprise | Ami Efrati, Itzhaki Properties | Beth Page Realty | Ohad Meishar, Itzhaki Properties | $1.75M | The property sold for $1.75 million. The price represents a capitalization rate of 6.7 percent and a gross rent multiple of 11.6. The building has four stores and five apartments; the commercial tenants have two to five years remaining on their leases. | September 2008 |
| 145 North 7th St (Brooklyn) map | 6,500 sf apt. bldg, 10 units total | Pennsylvania user | n/a | n/a | Mark Lively, Massey Knakal | $1.75M | The property sold for $1.75 million, or $269 per square foot. The price represents a capitalization rate of 3.2 percent and a gross rent multiple of 20.3. The building has nine rent-stabilized units and one vacant unit; apartments range in size from 350 to 700 square feet. | September 2008 |
| 8612 Third Ave (Brooklyn) map | 3,700 sf mixed-use bldg | Brooklyn investor | n/a | n/a | Stephen Palmese, Massey Knakal | $1.28M | The property sold for $1.28 million, or $350 per square foot. The building has a store on the ground floor and a four-bedroom duplex above. The commercial space is occupied by Carvel/Cinnabon, whose lease expires in 2013. | September 2008 |
| 590 Sterling Pl (Brooklyn) map | 3-story, 4,200 sf apt. bldg | Manhattan user | Alex Maroni, Heights Berkeley Realty | n/a | Ira Krivit, Massey Knakal | $1.1M | The newly constructed multifamily property sold for $1.1 million, or $261 per square foot. The price represents a capitalization rate of 6.44 percent and a gross rent multiple of 10.9. Each of the three units has three to four bedrooms and two bathrooms. | September 2008 |
| 1301 Sixth Ave (Credit Lyonnais Building) map | 45-story, 1.76 million sf office bldg | Paramount Group | n/a | Deutsche Bank | Doug Harmon, Eastdil Secured | $1450.0M | The office tower went into contract for around $1.45 billion, or $820 per square foot. Deutsche Bank, which seized the property earlier this year ? along with six others ? from Harry Macklowe to settle unpaid debt, also sold a controlling interest in 850 Third Avenue and 65 East 55th Street for around $930 million (see below). | August 2008 |
| 850 Third Ave and 65 East 55th St (Park Avenue Tower) map | 2 office bldgs, 1.017 million sf total | Shorenstein Properties | n/a | Deutsche Bank | S. Latham, J. Caplan, R. Cohen, R. Baxter, C&W | $930.0M | The San Francisco-based real estate company signed a contract for a 94.5 percent interest in the two office towers formerly owned by Macklowe Properties in a transaction valued at around $930 million. The majority stake in the 38-story building at 65 East 55th Street was purchased for $665 million, or $1,100 per square foot; the controlling interest in the 21-story property at 850 Third Avenue was bought for $325 million, or $530 per square foot. The remaining interest in the package is owned by developer George Klein and worth approximately $60 million. | August 2008 |
| 405 Lexington Ave (Chrysler Building) map | 77-story, 1.035 million sf office bldg | Abu Dhabi Investment Council | n/a | TMW Real Estate Group; Tishman Speyer Properties | n/a | $800.0M | The Middle Eastern sovereign wealth fund acquired a 90 percent stake in the property for $800 million. Tishman Speyer Properties will retain a 10 percent share and continue to manage the tower. The Cooper Union for the Advancement of Science and Art owns a 150-year ground lease under the property. | August 2008 |
| 175 Fifth Ave (Flatiron Building) map | 21-story, 183,449 sf office bldg | Sorgente Group | n/a | n/a | n/a | $180.0M | The Italian investment firm increased its stake in the landmark property, valued today at $180 million. The company, which initially purchased a minority share in the building in 2006, now commands a 53 percent controlling interest. The sellers acquired a 52 percent share in the tower in 1997 for less than $10 million. | August 2008 |
| 257 Clinton St (Land's End II) map | Two 26-story apt. bldgs, 490 units total | Aimco | n/a | Apollo Real Estate; Pembroke Real Estate | Douglas Harmon, Eastdil Secured | $174.0M | The two-tower complex went into contract for $174 million. The apartments range in size from 750 to 1,500 square feet and rent for an average of $2,000. All the units are currently rented to Section 8 tenants. | August 2008 |
| 200 East 82nd St (Wimbledon Apartments) map | 28-story, 205,261 sf apt. bldg, 230 units total | Adellco affiliate | n/a | P&H Associates | n/a | $150.35M | The property sold for $150.35 million, or around $750 per square foot. The building had gone on the market in January with an asking price of $175 million. Monthly rents at the building average $3,000. | August 2008 |
| 700 Broadway map | 8-story, 100,000 sf office bldg | Weitz and Luxenberg | Newmark Knight Frank | Lincoln Property Company | Represented in-house | $70.0M | The 19th-century property sold for $70 million. The buyer, a tort and malpractice law firm, plans to occupy the entire building when it moves in sometime next year. The firm is currently located at 180 Maiden Lane. The seller acquired the building for $53.05 million in 2006. | August 2008 |
| 2 West 56th St |