🏆 Residential: The largest residential transaction recorded in New York took place in Chelsea, where a triplex penthouse stood 520 West 28th Street changed hands for $26.5 million. The seller was a billionaire and co-founder of Fortress Investment Group Wesley Edensand the buyer was Chelsea 520 West LLC. Edens purchased the pad in 2020 for $20.2 million. The unit has over 6,600 square feet of living space and another 2,500 square feet of outdoor space, including a rooftop deck with a hot tub and cold plunge. Clayton Orrigo, Stephen Ferrara And Arran Patel with Compass had the mention. The device hit the market in June with an asking price of $35 million.
🏆 Commercial: The most significant commercial deal recorded in the city took place near Grand Central Station. The Durst Organization‘s sale of 205 East 42nd Streetan office building located in New York 601W companies And David Werner Real Estate Investments has closed and reached records. The price was $165 million. The building is 21 stories tall and its anchor tenants include the City University of New York and Fedcap Rehabilitation Services.
📊 Residential area: Jordan and Riva Kestenbaum said goodbye to an apartment in The Beckford Tower on 301 East 80th Street on the Upper East Side for $12 million. The buyers were Benjamin Xiao And Tracy Kwan. The unit has five bedrooms and is approximately 3,800 square feet. It hit the market in March, with a list price of $13.5 million. The Kestenbaums purchased the home in 2021 for $10.2 million. Compass’ Jared Schwadron had the most recent entry.
📊 Residential: Gary Barnett’s Extell development company sold up another sponsorship unit West66estraat 50 on the Upper West Side. Heather Levinea beauty and fashion content creator, and Nathan Ajiashvilian attorney, paid $9.5 million for a four-bedroom, four-and-a-half-bathroom apartment with more than 3,200 square feet. The transaction works out to less than $3,000 per square foot.
📊 Commercial: In Midtown, two retail apartments sold for $7.7 million. An LLC tied to JLL sold the units at 485 Seventh Avenue to an LLC managed by Albert Rabizadeh. The building is home to the Moxy NYC Times Square hotel.
According to the numbers: CRE prices in the US rise again in October
US commercial real estate prices experienced their biggest growth spurt in three years in October.
Compared to the same period last year, the RCA CPPI National All-Property Index rose 4.2 percent, the highest annual rate since 2022. Month over month, the index rose 0.8 percent.
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