There were 211 transactions totaling $493 million recorded in New York City over the prior 24 hours before 4:00 p.m. on Thursday, Oct. 23.
🏆 Residential: The top home sale in the Big Apple came in at $9.8 million. David Dowler, a principal at Texas-based Luther King Capital Management, and Martha Dowler purchased a sponsor unit at The Surrey at 20 East 76th Street on the Upper East Side, which was developed by the Reuben Brothers. The two-bedroom pad spans about 2,100 square feet. Douglas Elliman’s Lauren Muss and Michelle Griffith had the listing.
🏆 Commercial: Flatbush had the priciest commercial transaction recorded in the city. Eli Karp’s Hello Living offloaded a troubled development site at 1580 Nostrand Avenue. Madison Realty Capital, the lender for the property, took it over with a $70 million credit bid. The site was supposed to be a two-building development to be called Hello Nostrand. The developer completed one of the buildings, a 93-unit rental complex at 21 East 29th Street. Karp put the property into bankruptcy in 2021.
📊 Commercial: On the Upper East Side, a portfolio of five, two- to four-story mixed-use properties — largely residential and retail — traded for $62.6 million. The properties are located at: 150, 152 and 154 East 79th Street and 1131 and 1125 Lexington Avenue. The buyer was Closer Properties, the real estate arm of Zhang Xin’s family office, which plans to construct a luxury condominium building at the site. The seller was the properties’ former lender, W Financial REIT, which took over the buildings in 2023 from Ziel Feldman’s HFZ Capital Group after filing for foreclosure.
📊 Commercial: Amancio Ortega’s Pontegadea, his family office, parted with an office property at 366 Madison Avenue in Midtown for $50 million. That’s half of what the Spanish billionaire paid for the 85,000-square-foot building about two decades ago. The buyer was The Sioni Group. The recent transaction works out to about $588 per square foot.
📊 Commercial: In Midtown, two neighboring retail buildings at 136-138 West 34th Street changed hands for $19.1 million. The seller was Jenel Management Corp., which had owned the buildings since at least the early 1990s. The buyer was Vornado Realty Trust.
📊 Residential: Patricia Foody and Nicholas Reber paid $5.8 million for a penthouse at 245 West 14th Street in Chelsea, almost 40 percent off its last trade price. The seller, an LLC tied to investor and entrepreneur Edwin Sheridan, purchased the condo in 2016 for $9.5 million. The unit has been on and off the market since 2017, but its most recent asking price was $6.5 million. Sotheby’s International Realty’s Ryan Gribbon and Juliette Janssens had the listing.
By the Numbers: Sun Belt cities lead in built-to-rent home construction
Southern markets, particularly top Sun Belt cities, are taking the lead for built-to-rent housing construction.
Phoenix came in at No. 1, with more than 10,000 BTR housing units underway as of September, according to a report from RealPage Market Analytics. Dallas followed in second, with about 5,800 units under construction. All of the top 10 markets for built-to-rent housing in September were those in Southern states, where multifamily rents have tanked lately amid a supply glut.
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