There were 163 transactions totaling $397 million recorded in New York City over the prior 24 hours before 4:00 p.m. on Tuesday, Oct. 21.
🏆 Residential: The top home sale recorded in New York City on Tuesday, Oct. 21, was for a combined condo in West Chelsea. Julia Rose Guevara shed the four-bedroom spread, which was once two separate units, at The Caledonia at 450 West 17th Street for $5.8 million. The buyer was Donna Milia, a former BlackRock executive. Guevara paid $4.7 million in 2020 for one unit and $1.6 million in 2020 for the other. The residence also has two and a half bathrooms and 1,700 square feet of terrace space. Its most recent asking price was $6.3 million. Corcoran’s Joseph Pullen and Taylor Durland had the listing.
🏆 Commercial: CIM Group’s sale of the Dominick Hotel at 246 Spring Street in Soho closed, and it was the top commercial real estate deal recorded in the city. CIM, which acquired the property via foreclosure in 2014, offloaded the hotel for about $170 million. The buyer was Cain International. CIM refinanced the hotel, once known as the Trump Soho Hotel Condominium, in 2023 with an $83 million loan from Ramsfield Hospitality Finance and funds managed by Alliance Bernstein’s CarVal alternative investment manager.
📊 Commercial: In the Bronx, a retail store at 1800 Williamsbridge Road, home to a Citibank, traded for $9.9 million. The sellers were four LLCs tied to Louis Lefkowitz Realty of Jericho, New York. The buyer was an LLC managed by Miguel Garcia. The one-story property spans nearly 13,500 square feet. The sellers purchased the property in 2013 for $11.4 million.
📊 Residential: A trust linked to Anna Ortiz-Mortfit, an investor and philanthropist, dropped $5 million on a three-bedroom, two-and-a-half bath pad at the landmarked 60 Gramercy Park North. The unit first went on the market in May 2023 for $4.5 million, was removed in September 2024 and was re-listed in March for $5.3 million. Corcoran’s Meredith Verona and Caroline Greiner had the listing. An LLC tied to the Olnick Organization sold the co-op.
📊 Residential: A trust tied to Hongyi Wang and Yihong Guo purchased a three-bedroom sponsor unit at 201 East 74th Street in Lenox Hill for $4.8 million. Elad Group is the developer behind the property, which saw sales start in late 2023. The unit spans about 2,200 square feet, pricing the deal at $2,200 per square foot. Douglas Elliman’s Barbara Russo, Danielle Englebardt, Elena Sarkissian and Christophe Salierno had the listing.
By the Numbers: Homes selling below asking price hit six-year high as buyer power grows
The share of homes trading above ask has fallen to its lowest level in six years.
In September, 25.3 percent of homes sold above their final asking price — down more than 3 percentage points year over year. That’s also the smallest percentage in six years, according to an analysis from real estate brokerage Redfin.
The discount that homes are selling for also has grown. The typical home went off the market for 1.4 percent lower than its final list price versus 0.9 percent last year, per Redfin.
Metros in Florida and Texas took the biggest hit in September. The discount for typical homes in West Palm Beach (-5.2 percent), Miami (-4.8 percent), Fort Lauderdale (-4.6 percent) and Houston (-3.7 percent) were the largest in the country.
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