The volume of New York City investment sales recorded in city property records is trending downward, with only $1.25 billion in commercial sales recorded in New York City in March so far. With five more days to go in the month, the total dollar volume is only about a quarter of the full-month total of $4.8 billion in more than 200 sales in March 2022.
So far this month, the largest commercial transaction recorded was Maverick Real Estate Partners’ distressed acquisition of the Chetrit Group’s hotel project in Penn Plaza district, with a value of $104.5 million.
The largest sale recorded last week was Concord Hospitality’s $48.4 million purchase of a hotel in Chelsea from Robert Chun. After that, the next highest sales were Maddd Equities paying $44 million to the Altmark Group in the Bronx, Raymour & Flanigan paying Infinity Collective $42 million in Staten Island, and RFR Holding buying into a joint venture with Waterfall Asset Management which acquired an Upper West Side retail condo through a deed-in-lieu of foreclosure from Vanbarton Group.
Direct link to Acris document. link