Sales Deals of the Week: NYC Investment Sales Pick Up Steam
By The Editors March 8, 2024 10:00 am
reprints![Sales deal sheet](https://commercialobserver.com/wp-content/uploads/sites/3/2024/02/Sales_2_dd41f8.png?w=510)
New York City investment sales are finally picking up steam after a sleepy 2023, with two development sites trading and a notable air rights deal going into contract. Legion Investment Group spent $68 million on a planned condo development site in Gramercy, while Chris Jiashu Xu’s United Construction & Development bought a large development site from Fisher Brothers in Long Island City, Queens, for $58 million. Citadel’s Ken Griffin, Rudin and Vornado Realty Trust (VNO) also went into contract on $75 million worth of air rights from St Bartholomew’s Church, which will help build Citadel’s new headquarters at 350 Park Avenue.
Amount | Address | Buyer | Seller | Broker | Asset |
---|---|---|---|---|---|
$78 million | 325 Park Avenue, New York | Citadel's Ken Griffin, Rudin and Vornado Realty Trust | St. Bartholomew's Church | N/A | Air rights |
$68 million | 252-258 Third Avenue, New York | Legion Investment Group | Multiple LLCs | N/A | Development site |
$57.5 million | 42-50 24th Street, Queens, N.Y. | United Construction & Development | Fisher Brothers | CBRE’s Doug Middleton and Dan Kaplan | Development site |
$25 million | 2121 Biscayne Boulevard, Miami | Johnson Automotive Dealership Group | Sikka Investments | Apex Capital Realty's Rani Hussami | Retail |
$13 million | 7150 Standard Drive, Hanover, Md. | Distribution by Air | Rialto Capital Management | MacKenzie Companies' Andrew Meeder | Industrial |
Sales Deals of the Week reflects deals closed or announced from March 4 to March 8. Information on sales can be sent to editorial@commercialobserver.com.