Top 10 NYC Commercial Property Sales Recorded in July 2016

What were the priciest New York City commercial real estate deals posted in July?

PropertyShark has the data. This list reveals the 10 most expensive commercial property sales recorded in July 2016 in New York City. Check it out and find out which property types were most popular, which boroughs did and didn’t make the list, and who some of the top deal makers have been this summer.

 

The 10 Most Expensive NYC CRE Sales Recorded in July 2016

1. 797-799 Broadway, Manhattan

Sales Price: $101,000,100

This Greenwich Village office building holds 180 commercial units. It was purchased by Normandy Partners from Cambridge Associates, and financed with a $55M loan from Ladder Capital.

2. 350 E. 86 St., Manhattan

Sales Price: $93,000,000

Gary Barnett’s Extell Development acquired this one-story, single-unit supermarket on the Upper East Side in July. Crain’s New York reports that the builder responsible for One57 could erect a 210-foot-tall condominium tower on the site. If other parcels are added to the assemblage Extell holds here, there is potential for a 300,000-square-foot development spanning the entire block.

3. 218-220 W. 57 St., Manhattan

Sales Price: $81,500,000

Thor Equities and General Growth Properties finally closed on this Times Square-Theatre District property last month. After several years of litigation in which another buyer attempted to fight for their contracted price of just $65 million, the property has now been officially transferred. The new owners say they will hold the property and may put off leasing until the completion of Nordstrom Tower, across the street at 217 W. 57^th.

4. 4301 22 St., Queens

Sales Price: $62,099,560

This 225,000-square-foot office-and-warehouse building in Long Island City was purchased through a partnership of Olmstead Properties and Newmark Holdings. At the time of the acquisition the Commercial Observer notes that the property was not fully leased. The new owners state they will be investing in upgrading the space, including the lobby, windows and elevators.

5. 114-116 E. 25 St., Manhattan

Sales Price: $51,081,540

Although coming in at No. 5 on this month’s list, ‘The Assemblage’ building is one of the most notable, due to the fact that the development was the result of a real estate crowdfunding campaign organized by the Prodigy Network. The new loft building, featuring 12 units in NoMad and designed by New York City-based Meyer Davis, blends co-working and short-term living space.

6. 132 E. 126 St., Manhattan

Sales Price: $43,987,388

Another Manhattan property on this month’s list, this East Harlem office building has six commercial units. Ground-floor tenants in this building sporting a sleek modern design include an IHOP restaurant.

7. 144-41 and 144-51 Northern Blvd., Queens

Sales Price: $36,000,000

This two-parcel Queens deal incorporates a parking lot and the acquisition of the Flushing Bank building. Flushing Bank says it will use its $21 million capital gain to reinvest in growing markets. The bank is also waiting on a new branch facility to be built next to this property.

8. 127 E. 125 St., Manhattan

Sales Price: $31,842,678

This is a three-story East Harlem commercial building in the heart of the area’s new development district, which runs along 125^th Street.

9. 99-01 Queens Blvd., Queens

Sales Price: $31,215,000

Sold by Vornado Realty Trust to Blumenfeld Development, this Rego Park property holds 22 units across 57,000 square feet. Tenants include New York Sports Club, DeVry College and Bank of America. The Real Deal reports this transaction was financed by a $25 million loan from Valley National Bank.

10. 117 & 119 E. 55 St., Manhattan

Sales Price: $25,588,966

These two mixed-use buildings were sold by venture capitalist John Wilkerson to Sabr Group. The new owner also picked up two contiguous townhouses, including one being sold by Garth Brooks’ manager.