There were 146 deals, totaling about $280 million, recorded in New York City on Friday, July 18.
🏆Residential: The top residential sale recorded was for a full-floor co-op on the Upper West Side. Attorney Natascha Born nabbed a co-op at the El Dorado 300 Central Park West for just over $7 million. The sellers were Stuart Whitecross and Beatrice Renault, chief strategy officer at the Albert and Mary Lasker Foundation. The four-bedroom residence has a private elevator landing and views of the Central Park reservoir, Hudson River and Guggenheim Museum. It went on the market in February for $7.5 million. Compass’ Michael Franco, Miriam Richards and Greg Holzmann represented the sellers.
🏆Commercial: The priciest commercial transaction recorded was for an 11-story self-storage facility on the Upper West Side. Sofia Bros., which filed for Chapter 11 bankruptcy protection earlier this year, offloaded the 97,000-square-foot property at 473 Amsterdam Avenue for $60 million. The buyer was Storage Post, which is headquartered in Atlanta.
📊Residential: James and Tina Deutsch sold a three-bedroom co-op at 15 West 81st Street on the Upper West Side for $6.7 million. The duplex’s buyers were Sarah Lederman, an interior designer, and Evan Rosenberg, a lawyer. Brown Harris Stevens’ Maria Pashby and Joanna Pashby represented the sellers, who listed the residence in January for $7.4 million.
📊Commercial: In Sunnyside, John Pantanelli’s Oakland Trading Corp. completed its sale of a multi-building industrial complex at 25-20 Borden Avenue. The buyer was Andrew Chung’s Innovo Property Group, which had been in contract to buy the site for years. The deed that hit records Friday was $35.2 million for about 85 percent of the property. The other nearly 15 percent traded last year, for $6.2 million.
📊Commercial: A commercial condominium unit at 254 Park Avenue South in the Flatiron District traded hands for $7 million — a 56 percent drop from its last trade price more than a decade ago. Israel-based Harel Insurance Company sold the unit to 254 PAS Investor LLC. Harel bought the unit in 2011 for just under $16 million.
📊Commercial: A company tied to Mark Koch parted with a two-story mixed-use property at 223 West 29th Street in Chelsea. The price tag was $6.6 million. The buyer was a company managed by Jainish Radadia. Matthew Fotis, Colton Traynham and Michael Weinstein with Marcus & Millichap had the listing, per Traded. The seller had owned the site for decades.
By the Numbers: U.S. Single-Family Home Construction Plunges
New residential construction, especially for single-family homes, is slowing nationwide as more existing properties hit the market and economic headwinds persist.
Building departments across the country approved 1.4 million permits for privately owned, single-family and multifamily construction in June — a 4.4 percent drop compared to last year, according to data released Friday by the U.S. Census Bureau. However, June’s permits were 0.2 percent higher than those in May.
Approvals for single-family homes were down 3.7 percent from May and more than 8 percent from June 2024, driving much of the decrease in new permits. For buildings with at least five units, greenlit permits surged by 8 percent from the month before and 2 percent from June 2024.Soaring construction costs and economic turbulence are underpinning some of the downturn in building activity.
