Brooklyn deals dominated the top real estate sales recorded in New York City on Tuesday, Aug. 5. Overall, there were 238 deals, totaling about $426 million, throughout the city.
🏆Residential: The top residential sale recorded in New York City was for a resale at Extell Development Company’s Billionaires’ Row tower, 157 West 57th Street. The 66th-floor condominium transferred from one LLC to another for $24 million, about $25 million more than the unit’s last trade price in 2021. The true parties in the deal are hidden. The unit spans about 4,200 square feet, pricing the deal at more than $5,700 per square foot.
🏆Commercial: The priciest commercial transaction recorded in the Big Apple was in South Williamsburg. Simon Dushinksy’s Rabsky Group offloaded The Garnett, a mixed-use property at 146 South Fourth Street, for $82.5 million. The buyer was Pacific Urban Investors, who financed the deal with a $41.2 million loan from Newmark. The Garnett, built in 2013, stands 11 stories tall and has 113 apartments.
📊Commercial: In North Williamsburg, another apartment complex at 56 North Ninth Street traded hands for $66.3 million. The seller was Brooklyn-based developer Double U Realty and the buyer was Boston-headquartered Rockpoint Group, Dallas-based Lincoln Property Company and Land Labor Capital. The property dates to 2019 and has 30,000 square feet of retail space. Truist Bank provided a $44.8 million mortgage for the deal.
📊Commercial: A company managed by David Fu offloaded a five-story, mixed-use property with five apartments at 385 Broome Street in Little Italy. The buyer, a company tied to Daniel Hedaya and Maxwell Seibald’s DAX Real Estate, paid $10.9 million for the building, financing the purchase with an $8 million mortgage from International Finance Bank. The Fu-related entity acquired the property two decades ago for $3.1 million.
📊Residential: Marco and Helga Locascio, via a trust, parted with a brownstone at 45 Park Place in Park Slope for $6.5 million, its asking price, according to Compass. The buyers were Nicole and Andrew Bocskocsky, who are both entrepreneurs. Marco Locascio is an executive at Orogen Royalties, a royalty and mineral exploration company. The townhouse, constructed around the turn of the 20th century, last sold in 2016 for $3.7 million. It went on the market in May with Compass’ Adam Sadel and Joshua Golan.
📊Residential: Peter Mudd sold a townhouse at 527 Ninth Street, also in Park Slope, for $4.4 million. Mudd had owned the property since 2011, when he purchased it for $1.7 million. The buyer in the latest deal was an LLC. The three-story home has five bedrooms, three and a half bathrooms and a fireplace. Corcoran’s Jessica Buchman was the lead listing agent on the deal.
By the Numbers: Industrial vacancy rising as tariffs, recession fears loom
The vacancy rate for industrial buildings across the country is up — and more properties are slated to hit the market soon, even as President Trump’s newly enacted tariffs raise questions about the U.S. economy.
The national industrial vacancy rate in June came in at 9 percent, a 290-basis-point increase, year over year, and a 50-basis-point rise compared to May, according to a new report from CommercialCafe, Yardi’s commercial real estate listings platform.
The pipeline also has no shortage of square footage. So far this year, about 147 million square feet have been constructed. Another 342 million square feet is underway — near pre-pandemic levels. When these properties hit the market, the industrial stock in the U.S. will increase by 1.7 percent.
The spike in vacancies reverses what the industry saw during and immediately after the pandemic: Consumers, stuck at home, bought more goods online than ever, which boosted already high demand for warehouse space. This led developers to build pre-leased spec properties. Now, economic uncertainty is causing some industrial tenants to think twice about their supply chains, according to the report.
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