🏆 Residential: The priciest residential sale recorded in New York City was for a penthouse overlooking the Hudson River in Lincoln Square that sold for a loss. An LLC paid another LLC just under $18 million for the condo at Extell Development Company’s 50 Riverside Boulevard, which previously traded for $19.7 million almost a decade ago. The six-bedroom, full-floor pad spans nearly 6,200 square feet, pricing the latest deal at about $2,900 per square foot, and has a private elevator landing, 60-foot great room, 100 feet of Hudson River frontage. Actress Kerry Washington once rented the unit for $70,000 a month. The condo first went up for sale in 2021 with an asking price of $27.5 million.
🏆 Commercial: The top commercial transaction recorded in the city went to a joint venture that includes Jeff Sutton’s Wharton Properties, which offloaded a 44,200-square-foot retail property at 529 Broadway in Soho for $213 million. The buyer was the furniture store Ikea, which had a pop-up in the neighborhood last year at 51 Crosby Street. In what was a record for Soho at the time, the venture purchased the property in 2012 for $147.9 million.
📊 Residential: A trust tied to Rina Pan parted with a condo at 151 East 58th Street, also known as One Beacon Court, in Sutton Place for $5.8 million. Pan purchased the two-bedroom, 2,200-square-foot unit in 2005 for $3.2 million. The buyer was EZ Equity NY LLC. The unit has been on and off the market since 2010; it went into contract at an asking price of $6.3 million. Marina Bernshtein with Brown Harris Stevens had the listing.
📊 Commercial: A development site at 92-94 North 9th Avenue in Williamsburg with about 8,000 buildable square feet traded for $3.8 million. The seller of the vacant lot was Floral Park, New York-based investor and developer Metropolitan Homes. The buyers were Avi Dishi, founder of Elysee Investment Company, and his wife, Rachel Dishi. Metropolitan Homes paid $1.3 million for the site in 2013.
By the Numbers: Pending home sales jump across U.S. as mortgage rates fall in August
Pending home sales rose in August as mortgage rates declined.
The National Association of Realtors’ Pending Home Sales Index, which measures home sales based on deals in contract, rose 4 percent in August from July and 3.8 percent higher year over year.
The rising index, adjusted for seasonality, indicates an improvement in the housing market, as transactions typically take one to two months to finalize. NAR, an industry organization that represents both the commercial and residential sectors, attributed the increase to last month’s drop in borrowing costs ahead of the Federal Reserve’s September meeting.
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