2017’s top real estate deals in NYC

2017’s top real estate deals in NYC

In January 2, 2018
2017's top real estate deals in NYC

New York is one of the most expensive cities in the world. Studies show that to buy a house in New York, one needs an annual income of at least $100 thousand. May it be multi-family houses, penthouses, commercial properties or luxury condos, the New York real estate market is one of the hottest and the most expensive.

As reported by NY Curbed, Brooklyn properties showed the highest prices this year, in the past nine years. While Tribeca continues to be the most expensive neighborhood in NYC, a number of properties in Crown Heights were on sale in the last quarter of this year.

The reasons for high prices are many:

The amount of luxury development in the borough pushed prices ever higher, compared to earlier years.Another reason for high selling properties this year is the decrease in the number of listings and inventory.High speed new constructions and resale apartments, both, added to the hot market trends. We found the top deals in the city in 2017. And we’re not surprised!

Orback Group’s buildings sold for $61.5 million

As reported by The Real Deal (Dec 2017), Isaac Kassirer added to his growing multifamily holdings with the Orback Group’s buildings between West 114th and 115th streets for $61.5 million.

Earlier in October, Kassirer had bought property worth 100 million of Orbach’s buildings. Kassirer emerged as a big player on the multifamily market in 2014, and is best known for his $ 37.5 million purchase of the 47-building Dawnay Day portfolio in Harlem and his $140 million purchase of a 38-building Bronx portfolio last year.(Source: The Real Deal)

Previously Pfizer-owned building sold for $467.5 million

In September 2017, a property previously owned by Pfizer, the pharmaceutical company, was among the top most deals of that month in New York. TH Real Estate and Australia’s Future Fund jointly sold the building, located at 685 Third Avenue, for $467.5 million. Japanese real estate firm Unizo Holding Co bought it – the company’s sixth acquisition in New York. (As reported by bizjournals.com)

Brooklyn Heights sold for $87.5 million

Clipper Realty closed its $87.5 million purchase of the 11-story Brooklyn Heights rental building at 107 Columbia Heights. The deal is one of two high-priced commercial transactions in this week’s ranking — second to 245 Park Avenue. (As reported by bizjournals.com)

Condo units at $68.4 million

James Development bought 72 condo units at a landmarked Upper East Side building for $68.4 million. The apartments are part of the 493-unit building at 200 East 66th Street known as the Manhattan House, which completed a condo conversion in 2015.

In May 2017, Silverstein Properties’ 30 Park Place was the most expensive deal during the week in residential real estate as reported by Biz Journals. The 6,128 square feet of penthouse space went for $30 million. The duplex condo was listed at $32.5 million, has five bedrooms, and six full bathrooms across, as well as a children’s playroom, a screening room, a fitness room, and dining room.(As reported by Biz Journals)

Akelius bought properties

Akeliuspurchased properties at 181-182 Prospect Park West and 409-421 14th Street for $35 million. “The U.S. arm of the Swedish real estate giant Akelius bought two contiguous buildings with 34 units at 181 and 182 Prospect Park West for $14.7 million, and it purchased seven contiguous buildings with 44 units at 409-421 14th Street for $20.75 million,” as reported in The Real Deal.(Source: The Real Deal)

Here’s what the NY Curbed reported: Prices appear to be on a steady upward climb in the borough, owing to demand and closings at luxury projects. Don’t expect a break here anytime soon.