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Over $9 billion in Manhattan real estate sold this year: report

This April 1, 2019, photo shows the Long Island Railroad storage yards and buildings at Hudson Yards in New York. Amazon has signed a lease for a new office space in Manhattan that will house more than 1,500 employees, less than a year after pulling out of a deal for a larger headquarters in the borough of Queens after politicians and activists objected to nearly $3 billion in incentives. Amazon said the new office in a building near Hudson Yards will open in 2021. (AP Photo/Mark Lennihan)

Brokers sold more than $9 billion in real estate across Manhattan, according to a report released Monday.

Manhattan real estate made up a net total of $9.25 billion, representing 80 percent of the city’s top 50 commercial sales list compiled by Metro Manhattan Office Space. The firm’s Dec. 16 report is based on rolling sales data from the city’s finance department’s data on closed sales from January through October, according to the website.

The ever-booming Hudson Yards topped the list after WarnerMedia sold its own vessel at 30 Hudson Yards to Related Companies for a whopping $2.155 billion back in June.

Related combined with Allianz on the deal with a $1.4 billion CMBS loan from Deutsche Bank, Goldman Sachs and Wells Fargo, according to Manhattan Office Space.

Google’s acquisition of another Chelsea property, the Milk Building at 450 West 15th St., for $591,800,000 also made the peak of the list as the fourth largest office sale of the year.

 

“Developers are working hard to keep up with the demand for NYC office space, from building ground-up developments in areas like Hudson Yards to taking on redevelopment or adaptive reuse projects in neighborhoods like Chelsea or Brooklyn’s Williamsburg,” the report stated.

The largest individual real estate deal outside of Manhattan this year took place in The Bronx.

The BankNote building in Hunts Point saw a $64,582,900 transfer from Madison Marquette to iStar in August, which was the 24th largest in the city, according to the report.

That 400,000-square-foot, renovated office space, visible from the Bruckner Expressway, isn’t the only major property expected to see a boom in 2020.

One of its neighboring buildings in nearby Port Morris, a converted warehouse and industrial bakery space called Union Crossing, will likely draw large office leases once the building and rooftop are open.

South Brooklyn saw its largest deal in 2019 made just the Belt Parkway in Gravesend as Midyan Gate Realty No. 3 LLC sold its space in a retail complex at 325 Avenue Y to Yeshivat Darche Eres for $18,500,000. It was the city’s 38th largest sale, while two other deals in Crown Heights and Midwood were also listed in the top 50 as well.

In Queens, which has been the talk of commercial properties worldwide this year, the “World’s Borough” saw some large numbers as well.

Out of the borough’s four listings in the top 50, three were in Long Island City, while the fourth deal involved a site in Oakland Gardens.

The sale of space at 11-40 45th Road in Hunters Point from Radha Soami Society Beas-America to Century Development Group topped out the borough’s sales at $26,017,450 this year.

“The buzz surrounding Amazon’s HQ2 brought developers to Queens, and luxury residential towers and glassy office buildings are taking shape as we speak,” the report noted.

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