The four most active neighborhoods for New York City commercial property sales were in Manhattan, with Midtown East, Financial District, Lenox Hill and Lincoln Square coming before any neighborhood in Brooklyn. The most active in Brooklyn by dollar volume was Williamsburg.
The analysis included all commercial sales with a closing date of February 20, 2022 to February 20, 2023 in Acris. Some residential townhouses are included if we could not determine if the property was bought by an investor or an occupant.
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Top Neighborhoods for Investment Sales last 12 months
|Neighborhood||Dollar volume||No. of transactions|
|Upper West Side||1,027,139,700||52|
|Long Island City||979,317,100||34|
The top sales in Midtown East were office buildings, with SL Green Realty’s acquisitions of 245 Park Avenue and 450 Park Avenue as the two most expensive. In the Financial District, the two most expensive sales were residential, with Blackstone Group’s purchase of 8 Spruce Street as the most expensive, followed by Fortress Investment Group’s acquisition of 125 Greenwich Street coming in second.
In Lenox Hill, Solow Realty & Development’s sale of three large rental buildings defined the market, making up $825 million of the total of $2.4 billion. The sales were the first, second and fourth most expensive over the last 12 months, all to a partnership between Black Spruce Management and Orbach Affordable Housing Solutions. There were many fewer sales in Lincoln Square, with just seven. The most expensive was Extell Development’s $930 million purchase from Silverstein Properties. The second and third sales were part of a deal in which Equity Residential sold two large rental buildings to A&E Real Estate Holdings.
Rounding out the top five is Williamsburg, with the highest number of individual sales in a neighborhood, with 80. The most expensive sale was Cammeby’s International Group and partner FBE Limited, selling a property for $84.9 million to LIHC Investment Group. The second most expensive sale was Hope Street Capital selling a rental building to GAIA Real Estate Holdings for $80 million.