TAGS: New York City residential sales, NYC home sales, home sales, luxury sales, townhouses, co-ops, condo sales, Upper East Side, Lincoln Square, office sales, Vornado Realty Trust, Williamsburg, Two Trees Management, Hudson Yards, Related Companies, Oxford Property Group
There were 271transactions totaling $436 million recorded in New York City from 4 p.m. on Sept. 5 through 4 p.m. on Sept. 8
🏆 Residential: The priciest residential deal recorded in New York was in Lincoln Square. Jessi Kupfer-Thetford, a therapist, and James Thetford, a portfolio manager at Ashler Capital, picked up a townhouse at 226 West 71st Street for $11.5 million. The seller was an LLC tied to Alexis Brink-Waysberg that had purchased the property for $14 million in 2014. Corcoran’s Deanna Kory and Audrey Henderson had the listing, which went live in April for just under $11 million. The seven-bedroom home spans 9,400 square feet and has an elevator, 480-bottle wine cellar, two terraces, a backyard garden and a rooftop garden.
🏆 Commercial: The top commercial transaction recorded in the Big Apple was in Midtown. Vornado Realty Trust’s $218 million purchase of the offices at 611 Fifth Avenue, also known as 623 Fifth Avenue, has started to hit record books, starting with one unit for $43 million, from Charles Cohen. The 36-story building is home to Saks Fifth Avenue and is 75 percent vacant.
📊 Residential: A sponsor unit at 35 Hudson Yards, developed by Related Companies and Oxford Properties Group, sold for $9 million. The buyer was an LLC tied to Cary and Nicole Nichols; he is an insurance executive. The unit, which had an initial asking price of $17.6 million, spans 3,800 square feet and has four bedrooms and four and a half baths. The transaction works out to more than $2,300 per square foot. Corcoran’s Arsic Lau Team and Richard Hottinger Team had the listing.
📊 Residential: Karen Prieto and Yitzchok Weiss dropped $7.5 million on a penthouse at 346 Kent Avenue, the redeveloped Domino Sugar Factory in Williamsburg by Two Trees Management. The three-bedroom pad is a duplex spanning nearly 2,500 square feet across the 37th and 38th floors, with just over 600 square feet of terrace space.
📊 Residential: The estate of Judith G. Mendelsund, John GImbel and Robert Gimbel — all children of Bruce Gimbel, the president of Gimbel department stores who died in 1980 — sold a co-op at 66 East 79th Street for $5.5 million to Peter and Jacqueline Hirs. Peter Hirs is the CFO at Starr Companies, an insurance and investment company. The Upper East Side unit went up for sale in May 2024 for $6.7 million. Fox Residential Group’s Barbara Fox and Margaret Morrison Peters had the listing.
By the Numbers: Commercial prices hold steady, while industrial is on the rise
Industrial properties continue to be the darling of the U.S. commercial real estate market.
CRE prices were nearly flat in the second quarter compared to the quarter before, ticking down just 0.8 percent amid tariff and interest rate uncertainty, according to the Trepp Property Price Index, which is equally weighted among property types and price tiers.
Overall, commercial property prices are up more than 3 percent since 2022, but industrial assets have fared the best — up nearly 7 percent since 2022, according to Trepp’s index.
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