In our previous blog post called See Past the LLC: 3 Ways to Unmask the Real Owner of an NYC Property, we talked about the three easiest ways to find out the real name of a property owner. As promised, here’s a follow-up to that article, detailing three alternative ways to get behind an LLC:
Archives For New York Commercial Real Estate
Articles on the New York City commercial real estate market. Read news about the office, multifamily and hospitality markets, commercial transactions, commercial foreclosures and more.
At times, searching for the true owner of a property can turn out to be a rather difficult task, especially since many commercial property owners choose to use the status of an LLC when making a purchase. But that doesn’t mean you can’t get the information you’re looking for!
There are several ways of unmasking the real owner of a New York property using PropertyShark, and here are the easiest three: Continue Reading…
Although last year the overall activity in the commercial sector in NYC was the most upbeat we’ve seen in 5 years, the hotel segment was far from boasting the same results.The sales volume dropped by 58%, totaling only $1.6 billion. This is a sharp fall from the results seen in 2011, but still at least twice the figure in either 2008 or 2009.
The number of transactions saw a 30% decrease year-over-year, with only 31 deals closed in 2012, while the median sale price also dropped by 78% over 2011, from $46 million to 10 million.
The surprise came from Brooklyn last year: the borough managed to register a 5-year record in commercial transactions due to the sale of the Kings Plaza Mall, which raked in $751,000,000.Continue Reading...
In Q3 2012 the segment with the most encouraging activity continued to be the office spaces, bringing $3.66 billion in sales, up 22% quarter-over-quarter.Continue Reading...
There was a 7% increase in office building sales in NYC in Q2 2012 over the previous quarter, PropertyShark’s commercial real estate quarterly report shows. This accounted for $2.83 billion in volume, which was slightly more than what Q1 2012 realized ($2.52 billion).
A higher number of transactions compensated for the fact that prices paid for commercial properties were generally lower. For example, the ten most expensive office buildings had lower price tags than last year, ranging from $100 million to almost $300 million.
It’s Manhattan, it’s morning, and it’s time to go to the office. In case you were wondering what neighborhoods devote the largest total areas of office space to the working crowd in Manhattan, here is our weekly chart to consider:
Q1 2012 was the fourth consecutive quarter in which the commercial real estate market in New York City accounted for more than $4 billion in sales ($4.98 billion), recording a 52% Y-o-Y increase. In terms of commercial transactions, the 849 sales closed in Q1 2012 were up by 25% over the first quarter of 2011 and remained level compared to the previous quarter.
In line with the general commercial real estate market trend, the New York City hospitality sector saw a robust growth in 2011, with over $3.2 billion in sales. Sales were up 148% over 2010, and up by a whopping 524% over 2009. Moreover, 2011 saw the volume of sales reach a 5-year high. The figures indicate that the market is recovering from its recessionary lows and that hotels are among the most desired investment properties.
As first reported by The Real Deal, 2011 saw a rise in the number of commercial transactions in NYC. A very long distance away from the gloomy days of 2009, the 10 biggest sales of 2011 accounted for $5.76 billion in volume of transactions. Nine of the ten deals that make up the top 10 involved Manhattan properties, with one in Queens (the building at 42-1 28th Street, in Long Island City).
1. 601 W 26th Street
Topping the list is the building at 601 W 26th Street, a.k.a. the Starrett-Lehigh Building. The 19-story, 2.3 million-square-foot building occupies an entire block in Chelsea and was built in 1932. It was purchased by RXR Realty for $920M on July 29th.