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NYC Commercial Real Estate: October’s Biggest Sales

How did the NYC commercial real estate segment do in October? Our top 10 list of the most expensive commercial sales reveals which were the latest important transactions in the Big Apple; most of the names referring to Manhattan office, retail and loft deals. Not all, though, as there’s also a building in the Bronx claiming one of the spotlights.

Take a look below and find out more information about the 10 biggest New York commercial real estate deals that got inked last month:

120 W 45th Street, Manhattan1. 120 W 45th Street, Manhattan

Sales Price: $365,000,000

Seller: SL Green

Buyer: 33rd T45 LLC and Akco T45 LLC

Topping expectations Tower 45 was the most expensive commercial sale recorded in Oct. 2015. Sold by the city’s largest commercial landlord this prime office building is home to several offices and retail, while tenants include presidential candidate Hillary Clinton. This was a relatively swift turnaround for SL Green, reselling for almost $100M more than the acquisition price.

364-372 Lexington Avenue, Manhattan

2. 364-372 Lexington Avenue, Manhattan

Sales Price: $247,000,000

Seller: Sherwood 370 Lexington LLC

Buyer: Unizo Real Estate

Japanese real estate investment firm Unizo added this prime Midtown building to its rapidly growing NYC portfolio after making several other acquisitions earlier in 2015. The rapid sale offered a hot exit for Sherwood Equities and JPMorgan Chase who marked it up at a premium of almost $100M from their acquisition in 2008.

 

 

3. 184-190, the Bronx and 193 W 237 Street, the Bronx

Sales Price: $132,925,000
Buyer: EIB Riverdale Crossing LLC
Seller: AG-Metropolitan Riverside Crossing LLC

The only non-Manhattan deal on this month’s top list of transactions is this notable 118k sq. ft. 2 story mixed-use retail and office deal.

119-125 W 24 Street, Manhattan4. 119-125 W 24 Street, Manhattan

Sales Price: $86,637,784
Buyer: HLP Properties LLC
Seller: 119-125 West 24th Street Holder LLC / 119-125 West 24th Street Owner LLC

This 12 story office building boasts 130,876 square feet in Chelsea Clinton, on the border of Midtown. Co-working giant AlleyNYC signed a lease for 36,000 sq. ft. here earlier this year after a wildly successful $16M Series A fundraising round.

155-161 E 60 Street, Manhattan5. 155-161 E 60 Street, Manhattan

Sales Price: $85,184,413

Buyer: Park View Tower Owner LLC

Seller: KA 155 LLC

This 11 story, 78,716 square foot Upper East Side office tower is pegged to become “Manhattan’s next most exclusive address.” Being part of a larger $300M deal, rumors are this parcel will accommodate a 1,000 foot super tower of shimmering glass.

 

 

155-157 W 23 Street, Manhattan6. 155-157 W 23 Street, Manhattan

Sales Price: $57,237,046

Buyer: HLP Properties LLC

Seller: 155 West 23rd Street Holder LLC and 155 West 23rd Street Owner LLC

This is the second deal on this month’s list for HLP Properties, LLC. The commercial building is located steps from the Flatiron Building and in hot midtown south, where tech is taking over and the NYC market is experiencing a crossing of heated demand for retail space as tenants spill over from Fifth Ave.

The Kaufman Organization and Goldman Sachs reportedly secured a $45M, 99-year lease on 155 W earlier this fall, according to Crain’s.

 

 

620 Joe DiMaggio Highway, Manhattan7. 620 Joe DiMaggio Highway, Manhattan

Sales Price: $55,000,000
Buyer: HLP Properties LLC
Seller: 620 Properties Associates LLC
The third HLP Properties deal recorded so far in Q4 2015 rounds a $250M sale from Gary Barnett who skillfully acquired the Ring brothers holdings, five of which were ground leased to the Kaufman Organization earlier this year. This actually rings in at 5th largest deal, with 102,800 square feet.

October top 10 commercial sales 88. 313-315 W 35 Street, Manhattan

Sales Price: $43,000,000

Buyer: Mazel 315 West 35th LLC

Seller: 315 W 35th Associates LLC

A 62,000+ sq. ft. loft building with 11 units spreading across 14 stories — this quirky deal was  snagged for $16M in 2006, headed to foreclosure auction before condo conversion could be completed, and was estimated to be worth an approximate $60M as of April this year.

 

 

 

October top 10 commercial sales 99. 19-21 W 24 Street, Manhattan

Sales Price: $42,004,291

Buyer: HLP Properties LLC

Seller: 19 West 24th Street Holder LLC and 19 West 24th Street Owner LLC

In the heart of the city, and just steps from Madison Square Park this property is the 4th out of the 5 HLP Properties deals recorded in October.

 

October Top 10 commercial sales 1010. 13-15 W 27 Street, Manhattan

Sales Price: $38,842,647

Buyer: HLP Properties LLC

Seller: 13-15 West 27th Street Holder LLC and 13 West 27th Street Owner LLC

This 11 story loft building located between Broadway and Fifth Avenue adds one more spectacular acquisition to the HLP Properties coup. As of the beginning of October Gary Barnett had offloaded 10 of the 14 buildings making up the Ring Brothers portfolio for $700M. He initially paid $450M for them, according to The Real Deal.

Roxana Baiceanu

Roxana Baiceanu

Roxana is an associate editor with Multi-Housing News and Commercial Property Executive. In the past, she also created content for PropertyShark and Point2Homes’ blog pages. She also has 5 years of experience as a marketing copywriter.

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