🏆 Residential: The highest home sale in the Big Apple was for a 3,000-square-foot apartment 212 Fifth Avenue in NoMad which sold for $11.8 million. The seller was Violet Properties, LLCwhich had purchased the unit for $11.7 million in 2017. The buyer at the last sale was PR212 LLCand the transaction works out to approximately $3,900 per square foot. The unit has three bedrooms, three and a half bathrooms and 57 feet of frontage on Madison Square Park. The seller put the apartment on the market in February asking $12.5 million. J. Chris Sousa with Sousa Real Estate had the offer.
🏆 Commercial: The record-setting most expensive commercial real estate transaction took place in Nolita, where two rental properties with ground-floor retail and a total of twelve apartments Elizabethstraat 236 and 242changed hands for a total of $22.3 million. The sellers were Ronald and Cecilia Ervolinowho had owned the buildings for almost twenty years, and so did the buyer Targo Capital Partners.
📊 Commercial: In Queens, the Israel Cohen Family Limited Partnership has unloaded two commercial buildings, on Hunterstraat 42-71 and 42-73 in Long Island City, for $10.2 million. The buyer was an LLC managed by Ke An Chen And Xin Xian Lin. The buildings had been owned by the Cohen family since the 1960s and 1970s.
📊 Commercial: Great Neck, New York-based landlord Bahram Hakakian picked up an apartment complex 791 Broadway in Greenwich Village for $8.3 million. The seller, landlord Sesame seedspurchased the property in 2009 for $5.8 million. The six-story rental building has 10 units and dates to 2010. There doesn’t appear to be any vacancy, although there was a two-bedroom apartment on the market in September for $5,650 per month, according to StreetEasy.
📊 Residential: Gary Barnett’s Extell Development Company sold up a sponsorship unit West66estraat 50 at Lincoln Square. The buyer, Sea Paths 66 LLCtied to James Kennedypaid $10.2 million for a four-bedroom, four-and-a-half-bath apartment. It measures approximately 3,200 square meters; the deal works out to about $3,200 per square foot.
📊 Residence: Anthony Berrittoa real estate investor, sold a penthouse Laightstraat 78 in Tribeca for $9.3 million. The buyer was Carlito Wolf LLC. Berritto has owned the 3,100-square-foot, three-bedroom condo since 2016, when he bought it for $8.7 million. The full-floor unit has two and a half bathrooms, floor-to-ceiling arched windows and views of the Hudson River. It also has a landscaped roof terrace. Corcorans Dana Macht And Max Nehrig had the mention. The house has been on the market since 2020 and is no longer for sale; the most recent asking price was $9.5 million.
📊 Residence: Extell sold another sponsorship unit in its luxury Lincoln Square project, West66estraat 50. The buyer, an LLC affiliated with Hardik Shahpurchased a 3,200-square-foot lot for $8.8 million. The deal works out to about $2,800 per square foot. The unit has four bedrooms and four and a half baths.
📊 Residential area: Yang Jiao And Xiangheng Liu dropped $7.2 million on an apartment at The Henry Residences in of the Naphtali group 211 West 84th Street on the Upper West Side. The four-bedroom unit spans just over 2,800 square feet and retails for approximately $2,500 per square foot. Compass’ Alexa Lambert, Alison Black And Lib Goss had the listing, which had an asking price of $7.1 million.
According to the numbers: Apartment vacancy rates in the US are rising, while the city-suburb divide is widening
The gap between rental vacancy rates in cities and their suburbs is widening.
The vacancy rate for urban rental properties was 7.6 percent in the fourth quarter, compared to 6.9 percent in the suburbs, according to recently released data from the U.S. Census Bureau.
Those fourth quarter rates, for both urban and suburban rental units in metropolitan statistical areas – most of which are likely apartments – were higher than in the fourth quarter of 2024. However, the rate for urban units increased more (by 40 basis points) compared to suburban units (by 20 basis points). This indicates that there could be an increasing demand for rental properties outside the urban cores. Or, as has been the case especially in many Sun Belt cities lately, cities continue to struggle with an oversupply of apartments.
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