Here are the notable transactions that took place in New York City on Friday, October 17.
🏆 Residential: The highest home sale recorded in New York City on Friday, October 17 was for an apartment in Greenwich Village. Christian Humer sold a unit 155 West 11th Street for just under $16 million. The buyer was a trust. Humer, CFO at Boston-based biotechnology research firm Foghorn Therapeutics, paid $8.9 million for the pad in 2016; it went on the market in May with an asking price of $17.5 million. The 3,300-square-foot condo has four bedrooms, three and a half baths and a balcony. Douglas Elliman Noble Black, Justin Figari And Connor Cuccinelli had the mention.
🏆 Commercial: The sale of a hotel at Madison Square Park was the most significant commercial deal in the city. Arcadia, California-based developer Kam Sang Co., paid $231 million for the 252,000-square-foot hotel in Madisonlaan 5 known as the Edition Clocktower Hotel. The seller was the Abu Dhabi Investment Authoritywhich had purchased the 273-key building in 2015 for $337 million. Capital Management in Hudson Bay provided a $155 million mortgage for the purchase.
📊 Commercial: MD2 Real Estate Group unloaded two apartment buildings 4 West 108th Street And 8 West 108th Street in Manhattan Valley for $17.5 million. The buyer was located in Los Angeles Bando Geny 3 LLC. The adjacent buildings are six floors high and together contain 48 apartments. KEB Hana Bank provided a $10.7 million loan. The seller has owned the properties since 2019, when he bought them for $11 million.
📊 Commercial: In the financial district, a 12-story office building traded for $40.2 million. LLCs tied to Robert Wolf And AM Property Holding Corp.led by Paul Wassermanhad owned the building for decades. The new owner is CSC 75 Maiden Prop Co LLC, registered at an address on Columbus Avenue.
📊 Residential: Etsy CEO Joshua Silverman And Ghotbi program sold an apartment overlooking the Museum of Natural History 101 West 78th Street in the Upper West Side. Vitaly Kuznetsovan algorithm developer at Hudson River Trading, and Good morning dropped $8.4 million on the device, which Silverman and Ghotbi purchased for $10.5 million in 2018. The four-bedroom, 4,000-square-foot property had a most recent asking price of $8.7 million. Pamela D’Arc of Compass represented the sellers.
📊 Residence: Rit Venusfounder of Cal Financial Group, has acquired a sponsorship unit at 35 Hudson yards for just under $7 million. The unit spans approximately 2,700 square feet and has three bedrooms and three and a half baths. The apartment, which had an initial asking price of almost $12 million, is one of seven apartments in the building with a private terrace. Corcorans Hottinger team is leading the sale of the property, developed by Related companies And Oxford Properties.
According to the numbers: Northeast, Northwest, have the longest homeownership periods for homeownership
Homeowners stay in their properties the longest in metropolitan areas in the Northeast and Pacific Northwest.
These areas also see the highest returns when properties ultimately sell, indicating that these are high-demand markets where sellers aren’t leaving, but buyers want to come in – and pay a premium to do so.
One metro area in particular showed both long tenure and outsized seller gains: the San Jose-Sunnyvale-Santa Clara region of Northern California. Homeowners there stay in their homes for an average of 12.48 years, the tenth longest in the country. Meanwhile, sellers who did transact in the third quarter realized a staggering average profit of more than 94 percent, the highest in the country. (Although this is 11 percent lower than the previous year.)
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