There were 183 deals totaling $422 million recorded in New York City before 4 p.m. on Monday, Dec. 1.
🏆 Residential: The top residential transaction recorded in New York was on the Upper West Side, where a sponsor unit at Sackman Enterprises’ 15 West 96th Street sold for $5.9 million. The unit measures nearly 2,700 square feet and has three bedrooms and three bathrooms. The buyer was William Mansfield. Compass Development Marketing Group and the Boyle Team are marketing the project.
🏆 Commercial: The top commercial deal recorded in the city was in Greenpoint. The Jay Group picked up a waterfront development site at 97 West Street for $130 million. The seller was Pearl Realty Management, which had owned the property since 2001. The Jay Group, led by Jacob Kohn recently, secured a $320 million construction loan for the site, where it intends to build a 590-unit residential complex.
📊 Residential: Actor Steve Buscemi parted with a townhouse at 460 Fifth Street in Park Slope for just under $5 million. The buyers were Nicolas James Phillips and Kate Louise Flanagan. Buscemi purchased the brownstone with his late wife, filmmaker Jo Andres, in 1997. The latest transaction appears to have been off-market.
📊 Commercial: Clipper Equity, led by David Bistricer, scooped up a development site at 1800 Park Avenue in East Harlem for $50 million. The seller was the Durst Organization. The site is a vacant plot of land at East 125th Street that can hold more than 680,000 square feet of buildable space. Bob Knakal’s BKREA brokered the sale. Clipper Equity is the fourth developer to own the site in the past 12 years.
📊 Commercial: In Long Island City, the Z Hotel at 1101-43rd Avenue traded for $25.5 million. The seller was an LLC managed by Taconic Capital Advisors L.P. and the buyer was Palette Hotels. Taconic acquired the property in 2021 for $38.4 million.
📊 Commercial: In Cypress Hills, a one-story, 3,300-square-foot retail property at 3183 Atlantic Avenue, currently housing a Wendy’s, traded for just under $12 million. The sellers were entities tied to James J. Mannix, Jr. and Mattone Investors, and the buyer was Phipps Houses, an affordable housing/social services nonprofit.
By the Numbers: U.S. office rents inch up in October
The U.S. office market’s recovery continued in October, though the improvements were tepid.
The national average listing rate for rent in October was $32.81 per square foot, up 0.1 percent year over year, according to a market report from commercial real estate data firm Yardi Matrix.
Meanwhile, vacancy ticked down by 90 basis points year over year to 18.6 percent nationally.
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