Big sales in the NYC office market were fewer in November, with one notable exception. The 700,000 square-foot 425 Lexington was picked up by the Vanbarton Group for over $700 million, or $1,000 per square-foot. Prior to this, the most expensive commercial sale of the fall was 101 Barclay Street in TriBeCa. With over one million square feet, that tower sold for $352 million in September. Boasting the top two office sales in the city, Manhattan stood out in November. At the same time, sales in the other boroughs stayed in the seven-figure range.
While Manhattan didn’t have any of the top five retail sales in October, November’s top retail transactions were all in the borough. However, not all assets will remain retail. Hines and Welltower purchased a retail property at 2328 & 2330 Broadway in the Upper West Side for $61 million, with the intent to convert the site into luxury senior apartments.