🏆 Commercial: In Hudson Square, a six-story office building Varikstraat 183 sold for $63 million, marking the most expensive commercial deal in the Big Apple. The buyer was an affiliate of Avdoo & Partners Developmentwhich entered into a contract in March to acquire the more than 68,000 square meter building. The seller was an entity controlled by Benjamin Webster Federbush; The building has been associated with the Federbush family since at least the 1960s. The transaction works out to approximately $920 per square foot.
📊 Commercial: A subsidiary of Pasadena, based in California Alexandria Real Estate Stocks has unloaded an office building in 30-02 48th Ave in Long Island City for $34.5 million – 54 percent lower than its previous trading price. The buyer was located in New York North River Company. The building is three stories high and covers more than 141,400 square meters. Once a bookbindery, Alexandria converted it into the Alexandria Center for Life Science. Alexandria had acquired the site for $75 million in 2018.
📊 Commercial: The Holiday Inn Express Manhattan Midtown West 538 West 48th Street traded for $26.5 million. The seller was an LLC associated with a real estate investor Andreas Roufailand the buyer was a hotelier Maheshchand Ratanji. Roufail’s entity purchased the building in 2014 for $16.5 million. The hotel is eleven stories high and measures 61,700 square meters. The deal works out to about $430 per square foot.
📊 Residence: Jesse Delia bought an apartment Crosbystraat 56 in Soho for $9.1 million. The unit spans approximately 4,400 square feet and costs approximately $2,100 per square foot. The seller was an LLC affiliated with Teddy K. Kangwho bought the pad in 2010 for $4.4 million. The latest transaction appears to have taken place off-market.
📊 Residence: Amy Won And Stephen Tait paid $9 million for a mansion in 757 Carroll Street in Parkslope. The sellers were Christopher Mitchell And Pilar Guzman – authors of the Patina Modern interior book – together with Greg Mitchellbrother of Christopher Mitchell and his wife, Andrea. The foursome bought the house in 2004 for $1.5 million. The four-story mansion dates to 1886 and is located two blocks from Prospect Park. It went on sale with Leslie J. Garfield’s Sophie Smadbeck, Richard Pretsfelder, Morgan Garofalo And Matt Lesser in September for $10.3 million.
According to the numbers: US CRE debt reaches $4.8 trillion, with banks leading the way
In the second quarter of 2025, outstanding U.S. commercial real estate debt was $4.8 trillion, led by banks and thrifts, followed by government-sponsored enterprises.
Banks and thrift institutions, such as credit unions, held nearly 38 percent of the nation’s commercial real estate debt, totaling $1.83 trillion, according to an analysis of Federal Reserve data by research firm Trepp. GSEs such as Fannie Mae and Freddie Mac followed, with about 22 percent of the market, totaling $1.08 trillion.
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