PropertyShark BlogCenter » commercial property

Strong start for NYC Commercial Property Segment

calin — Tue, 19 Jan 2010 19:58:28 +0000

New York City has already seen a strong start for the year in the commercial properties sector with 3 recorded sales over $50,000,000 since the beginning of 2010. In comparison with the past year, the biggest transaction in January 2009 was a $11.75 million deal in the Bronx, involving an apartment building and an adjacent parking space.

The biggest recorded sale to happen so far in 2010 was the 299 Park Avenue stake sold by UBS for over $160,000,000. The buyer is the real estate investment firm Rockpoint Group, the New York Post reported.

The second largest transaction was the JP Morgan Chase bank sale of 4 New York Plaza for $107,000,000 to Harbor Group International.

The third largest sale was the 60 5th Avenue building transaction between Forbes and N.Y.U. The sale closed for $65,000,000, $10 million more than was speculated according to The Real Deal.

(Forbes HQ on Fifth Avenue sold to N.Y.U for $65 million)

Browse current commercial properties for sale & lease.

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Top 5 Manhattan Distressed Properties with Highest Mortgage Amount in 2009

calin — Tue, 12 Jan 2010 15:23:54 +0000

Here are what we found to be the top 5 Manhattan properties (by mortgage amount) with a lis pendens filed against them. The rental apartment buildings at 2225 5 Avenue and 2171 Madison Avenue shared the highest mortgage amount among the distressed properties in Manhattan for 2009. The mortgage was for $225,000,000.

Properties reportedly owned by the London-based investment bank, Dawnay Day, came up in second place with a mortgage amount of $215,000,000. The bank made a big acquisition campaign in East Harlem back in 2007, as the Times Online reports in an article.

(Note: We defined distressed properties as properties which have a lis pendens filed against in 2009.)

	2225 Fifth Avenue, New York Mortgage Amount: $225,000,000 Lis Pendens Date: 2/3/2009 Mortgage Date: 12/21/2006 Note: Shares lien with 2171 Madison Avenue
	411 E 118 Street, New York Mortgage Amount: $215,000,000 Lis Pendens Date: 9/10/2009 Mortgage Date: 3/19/2007 Note: Shares lien with over 20 other properties.
	720 Fifth Avenue, New York Mortgage Amount: $165,000,000 Lis Pendens Date: 1/30/2009 Mortgage Date: 10/20/2006
	115 W 40 Street, New York Mortgage Amount: $160,000,000 Lis Pendens Date: 12/14/2009 Mortgage Date: 4/2/2007
	614 Lexington Avenue, New York Mortgage Amount: $145,000,000 Lis Pendens Date: 7/14/2009 Mortgage Date: 8/1/2007

View current properties in distress in our Manhattan foreclosure section.

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NYC Map Plots Vacant Retail Space

calin — Mon, 30 Nov 2009 15:26:50 +0000

Part of our effort to build a comprehensive commercial listings engine in New York City (please refer to The Real Deal article for details) is to empower our users with new and unique search tools.

One of our new tools is a retail space vacancy map. We now map vacant stores across New York City, and include a basic lease description, price and size, as well as contact info for the space. Storefront photos are provided by a PropertyShark research team who canvass the streets taking shots of every vacant retail storefront they find.

NYC Retail Space Map

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Q3 Multifamily Property Report

brian — Thu, 18 Dec 2008 21:48:13 +0000

In our Q3 Investment Property Report, we see that in New York City, the number of closed transactions and the median sale price hit two year lows, yet some boroughs did better than others. Manhattan experienced a substantial quarterly increase in the dollar volume, passing $1.1 billion, even with the number of closed deals dropping. The Bronx had its largest multifamily sale ($67.7 million) in at least 5 years, despite two-year lows in both the number of sales and in the price indicators, while Staten Island had more sales
than in the previous two quarters despite a major drop in median prices. Queens and Brooklyn both had a significant decrease in the number of sales, while median prices in Brooklyn declined by 2% and median prices in Queens fell 12% compared to Q3 2007.

Multi-Unit Property Sales in Queens and Brooklyn

Transactions surge in Los Angeles as distressed properties flood the market: Los Angeles was the only city among the three in the report that had an increase in the number of sales compared to both Q3 2007 and Q2 2008. However, the increase in transactions was driven by the large number of distressed properties (trustee sales, notices of default or REO’s) in the market, predominantly in the 2-4 family building classes. Fifty four percent of all properties that sold in the third quarter of 2008 were in distress this year.

Los Angeles Multifamily Property Transactions

However, the median price per unit for Multifamily properties has been in free fall since Q4 2006.

Los Angeled Multifamily Property Price Per Unit

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