Investment sales decline in April to $756M

The dollar volume of New York City recorded commercial sales fell to the lowest level since July 2020, with just $736 million in transactions above $5 million. There has been a steady decline since January, which saw $3.6 billion in transactions driven mostly by end-of-year closings.

The top transaction was Yellowstone Real Estate Investments’ purchase of the fee and ground lease of the hotel Watson at 440 West 57th Street for a combined $190 million.

Multifamily continued to represent only a small portion of the sales. Hotels led all sectors, with $209 million driven by the Yellowstone transaction in Manhattan. Office was in second place with $174 million. The top transaction was New Gables Capital taking an investment in Madison Realty Capital’s Sunset Yards in Sunset Park, Brooklyn.

Retail was next with just over $160 million, including Jeff Sutton selling an 80 percent stake in the 130 Greene Street retail condominium in Soho value at $8 million. The sector was very active with eight transactions. The largest was the Riese Organization’s sale of 604 Fifth Avenue for $44.96 million to the Japanese company Minamoto Kitchoan, which will occupy the space.