There were 193 transactions totaling $308 million recorded in New York City from 4:00 p.m. Friday, Sept. 12 through 4:00 p.m. on Monday, Sept. 15.
🏆 Residential: The priciest residential deal recorded in New York was on the Upper East Side. Esser Management sold a condo at 944 Park Avenue for $10.5 million to an LLC tied to financier Adam Karol. The buyer appears to have combined three units into one, totaling about 3,300 square feet.
🏆 Commercial: The top commercial transaction recorded was in Hell’s Kitchen, with the sale of two mixed-use properties, which sit next to each other, at 643 and 647 Ninth Avenue for $18 million. The seller was an affiliate of Miami Beach-based LNR Partners, and the buyers were LLCs tied to Aetna Realty Financial Corp. The property at 643 Ninth Avenue stands five stories tall and has 19 apartments across 15,200 square feet. The other building, at 647 Ninth Avenue, is six stories tall and has four apartments across about 6,700 square feet. LNR Partners had taken over the mortgage on the properties and moved to foreclose on them in 2021. The prior owner was Dennis Wong of SPI Holdings LLC, which paid $8.5 million for the buildings in 2013.
📊 Residential: Sung Hoon Baik picked up a condo at The Bellemont at 1165 Madison Avenue on the Upper East Side for $10.3 million. The seller was an LLC tied to Naftali Group, the property’s developer. The three-bedroom residence spans about 2,900 square feet, pricing the deal at roughly $3,600 per square foot. Compass’ Alexa Lambert, Alison Black, Marc Achilles and Georgeana Leontiou had the listing, which went live in May with an asking price of $11 million. The seller paid just under $9 million for the pad in 2023.
📊 Residential: A trust tied to Joseph Ianniello offloaded a full-floor condo unit spanning just under 3,600 square feet at 80 Riverside Boulevard in Lincoln Square for $6.3 million or roughly $1,800 per square foot. The buyers were David Yang and Laura Huang. The five-bedroom unit last traded in 2011 for $6.1 million. It has been on and off the market since 2019 and went into contract at just under $7 million. Douglas Elliman’s Janna Raskopf and Roger Erickson represented the seller.
📊 Residential: In the Malba section of Queens, a single-family home at 117 Malba Drive changed hands for just under $6.3 million. The five-bedroom, 8,300-square-foot, waterfront mansion sits on a 23,400-square-foot lot and has a gym, multiple terraces, outdoor kitchen, saltwater pool and dock. The seller was an LLC linked to Frank Pecora, who purchased the property in 2017 for $5.5 million. It hit the market in April 2024 with an asking price of about $7.9 million. RE/MAX 1st Choice’s Po Wei David Tair had the listing. The buyer was another LLC.
📊 Commercial: Panzer Building Corp. traded a six-story mixed-use building with 22 units at 651 West 169th Street in Washington Heights for $5 million as part of a bankruptcy reorganization plan. The new owners are two companies tied to Igal Namdar’s Great Neck-based Namdar Realty Group and Steven Kashanian’s Klosed Properties, also based in Great Neck. Panzer had owned the property since at least the early 1970s.
By the Numbers: NYC to see most development rights traded in 10 years
Landowners in the Big Apple are on track to hand over the most development rights in about a decade.
An analysis by PropertyScout found that 54 transfers of development rights have occurred in New York City as of Aug. 1. That means the city is likely to see 92 such transfers — which include Zoning Lot Development Agreements, special district transfers and landmark development rights transfers — for the full year.
This is the highest amount since 2016, which saw 98 such transfers, according to data from the property data firm.
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