There were 189 transactions totaling $445 million recorded in New York City in the 24 hours before 4 p.m. on Thursday, Oct. 30.
🏆 Residential: Carnegie Hill notched the most expensive residential transaction in New York City on Thursday, Oct. 30. Rick and Simran Singh paid $7.2 million for a sponsor unit at 1289 Lexington Avenue, which was developed by Zeckendorf Development and The Stahl Organization. The condo measures just over 3,700 square feet. The duplex has four bedrooms and four and a half bathrooms, and it was listed for sale in March at $7.5 million. Zeckendorf Marketing’s Jill Bernard had the listing.
🏆 Commercial: Among the priciest deals of the day was Benenson Capital Partners’ purchase of the ground-floor retail condo at 542 Broadway in Soho for $22.5 million. The seller was 109Co, led by Bastien Broda. The unit, occupied by a New Balance store, spans just over 7,100 square feet.
📊 Commercial: In the West Village, a two-family townhouse at 14 Bank Street, which dates to 1861, traded for $7.8 million. The sellers were architect Gene Kaufman and his wife, pianist Terry Eder Kaufman, who had owned the property since the early 2000s. The buyer was 14 West Village LLC. The townhouse has about 3,600 square feet of living space comprising two, two-bedroom triplexes and a rooftop terrace. The most recent listing price for the property was just under $9 million. Leslie J. Garfield’s Matthew Pravda and Matthew Lipsky had the listing.
📊 Residential: A trust tied to David Kim purchased a condo at The Sheffield at 322 West 57th Street, two blocks south of Central Park, for $5.8 million. The seller was an LLC managed by Soofian Zuberi, Bank of America’s head of equity, which had paid $7.1 million for the pad in 2013. The corner unit spans about 3,400 square feet and has four bedrooms.
By the Numbers: Fed rate cut offers no relief to REITs
The Federal Reserve cut its benchmark borrowing rate by another quarter point — an expected move that did little to help publicly traded real estate investment trusts.
Total returns for the 140 equity REITs that Nareit, an industry organization, tracks edged down 2.27 percent as of the end of the day Wednesday. So far for the month, they are down 2.97 percent, on pace to be the worst monthly showing so far this year. Year to date, however, returns are up 1.41 percent.
Mortgage REITs fared better, thanks to the recent interest rate drops. Overall, the total returns for these 31 companies had ticked down just 0.98 percent on Wednesday.
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