By Reonomy
In March, we saw a number of large multifamily transactions in Manhattan, continued Chinese investment, and further interest in Brooklyn’s Navy Yard area.
Number 1:
80 South Street & 163 Front Street @ $390 million
Sales Price: $390 million
Buyer: China Oceanwide Holdings
Seller: Howard Hughes Corp
Neighborhood: Financial District
Property Type: Office; Loft
The waterfront purchase of two adjacent parcels by the Chinese investment company could result in the development of a new Downtown tower. According to Crain’s New York, the combined site allows for the construction of a roughly 820,000 square foot building, with about 440,000 square feet of residential and 380,000 square feet of commercial space.
Number 2:
“The Buchanan”/160 East 48th Street @ $270 million
Sales Price: $270 million
Buyer: Madison Realty Capital
Seller: Rao & Rao LLC
Neighborhood: Midtown East
Property Type: Multifamily
This Midtown East rental building is 95% residential, with a small amount of retail and office space. According to The Real Deal, Madison Realty Capital has plans to renovate the property, buy out a large proportion of its rent-stabilized tenants, convert the office space to retail and re-lease the existing retail space.
Number 3:
250 East 63rd Street @ $180 million
Sales Price: $180 million
Buyer: S.W. Management
Seller: The estate of Aghadjan Elghanayan
Neighborhood: Lenox Hill
Property Type: Multifamily
This multifamily rental building has 200,000 square feet of residential space with 181 rental units (including 61 rent stabilized/abated units). In addition, the Lenox Hill property has just over 7,000 square feet of retail and office space.
Number 4:
9-47 Hall Street, Brooklyn @ $161 million
Sales Price: $161 million
Buyer: RXR & Westbrook Partners
Seller: A partnership between Cammeby’s International, Eli Fruchthandler and Bruce Federman
Neighborhood: Clinton Hill
Property Type: Industrial
According to The Real Deal, the buyers are planning to convert this 550,000 square foot property (located just south of the Brooklyn Navy Yard) into Class-A office space for tech and creative tenants. In an interview with Bisnow, RXR’s Seth Pinsky noted that the firm liked the Brooklyn Navy Yard area and was seeing demand coming from all sides “as space in DUMBO fills up and as people looking for space in areas like Williamsburg, Clinton Hill and Fort Greene find little supply.”
Number 5:
355 East 72nd Street @ $130 million
Sales Price: $130 million
Buyer: S.W. Management
Seller: The estate of Aghadjan Elghanayan
Neighborhood: Upper East Side
Property Type: Multifamily
This Upper-East Side residential building has 141 rental units with a further 8,000 square feet of retail space. The acquisition of the building was funded by a $232.5 million loan provided by Deutsche Bank, which was crossed with our third largest sale this month–250 East 63rd Street.
