There were 205 transactions totaling $637 million filed in New York City records in the 24 hours before 4 p.m. on Wednesday, March 25, 2026.
🏆 Commercial: In Brooklyn, companies tied to nursing home owner Daryl Hagler sold five buildings to Lakewood, New Jersey-based entities linked to Shmuel A. Serle for $222.8 million. The largest sale was for a Centers Health Care nursing home at 4915 Tenth Avenue, which traded for $161.5 million, making it the top sale ever in Borough Park. The nine-story, 292,000-square-foot building last sold in 2011 for $19 million. The other buildings in the deal are: 2629 Fulton Street (a parking lot), 51 Georgia Avenue (a dialysis center), 50 Sheffield Avenue (another Centers Health Care nursing home) and another property on Fulton Street. These properties sold for more than $61 million, and they last sold in 2010 for $10.3 million.
Hagler’s portfolio was the subject of a December report by the New Jersey state comptroller, which claimed that Hagler and a business partner “inflated rent payments from the nursing homes to their property companies, intentionally understaffed both facilities, and diverted to themselves tens of millions of dollars in Medicaid funding,” referring in particular to two properties in New Jersey. He and his business partner, who own Centers Health Care, previously paid New York state $45 million to settle allegations of fraud and resident neglect.
🏆 Residential: The top residential sale to come online in the Big Apple was on Billionaires’ Row, with the trade of a sponsor unit at Central Park Tower at 217 West 57th Street for $11.9 million, or about $4,500 per square foot. An LLC tied to Rafael Lipa, co-founder of Victory Consulting Group, bought the more than 2,600-square-foot pad in the trophy development by Gary Barnett’s Extell Development Company. Its last asking price was $13.5 million.
📊 Commercial: Related Companies offloaded a 15-story, 123,000-square-foot, affordable housing complex known as The Caroline at 210 Sherman Avenue in Inwood for $50.6 million. The buyers were the Settlement Housing Fund and Jonathan Rose Companies. The property has 126 apartments along with ground-floor commercial units, and Related acquired it in 2008 for $17.5 million.
📊 Commercial: Following a lender-directed sale, an entity tied to the Kaufman Organization and Two Sigma Real Estate is taking over a 12-story office building at 40 West 25th Street in the Flatiron District for $51 million, according to records and the Commercial Observer. The seller was another affiliate of the Kaufman Organization, which had purchased the 137,000-square-foot property in 2019 with AXA Financial for $121.5 million.
📊 Commercial: In Queens, a six-story, 116-unit apartment complex at 144-30 and 144-32 35th Avenue changed hands for $13 million. The seller was an LLC tied to Olshan Properties, and the buyer was an entity linked to Douglaston, New York-based RockFarmer Properties.
📊 Residential: A sponsor unit at 1289 Lexington Avenue in Carnegie Hill traded for $11.3 million, or about $2,400 per square foot. The nearly 4,700 square foot pad, a penthouse, was purchased by a trust. Zeckendorf Development is the developer behind the condominium, and Zeckendorf Marketing and Brown Harris Stevens are marketing the units.
📊 Residential: Extell sold another sponsor unit, this time at 50 West 66th Street on the Upper West Side, for $7.3 million to Fifty West Sixty Six LLC. The unit measures about 2,400 square feet; the deal breaks down to roughly $3,000 per square foot.
By the Numbers: U.S. office-to-apartment conversions hits new high
Developers are transforming office towers into residential properties at another record clip, driven by the rise of remote work and a persistent housing shortage.
The number of office-to-apartment conversions hit a high at the start of the year, with some 90,300 apartments under construction across the United States, according to a new report from RentCafe. That figure represents a 28 percent jump year over year and a staggering 291 percent increase since 2022.
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