Overall, there were 185 deals, totaling about $241 million, recorded in New York City on Wednesday, Aug. 6.
🏆 Residential: The top residential sale recorded in New York City was in Yorkville. Mark Jenkins and Karen Holland scooped up a condominium at 20 East End Avenue for $8.5 million. The seller was an LLC that had purchased the unit in 2017 for $8.2 million. The unit spans about 3,000 square feet and has four bedrooms. The deal, which appears to have been off market, works out to about $2,800 per square foot.
🏆 Commercial: The priciest commercial transaction recorded in the Big Apple was for a 100-key hotel in Tribeca. Republic Investment Company and Capstone Equities picked up the Smyth Hotel, which spans more than 71,000 square feet, at 85 West Broadway for about $40 million. The seller was a joint venture with Korman Communities, which paid $72.2 million for the hotel in 2017. The property was part of troubled crowdfunding company Prodigy Network’s portfolio.
📊 Residential: A four-bedroom sponsor unit at The Astor at 235 West 75th Street in the Upper West Side sold for $5.4 million — about $2,000 per square foot — to Talia and Andrew Schwartz. The 2,700-square-foot unit’s asking price was $5.8 million. Douglas Elliman’s Kyle Egan, Katherine Gauthier and Will Rivera had the listing. Los Angeles-based CIM Group took over the conversion of the property from HFZ Capital Group in 2021.
📊 Commercial: In Midwood, Yita and Hillel Tauber sold a two-story duplex at 1228 East Eighth Street for $4.9 million. The buyer was an LLC managed by Menahem Namer, head of capital markets at iBuying company Opendoor, and Judy Dayan, a doctor. The Taubers had owned the property since 1988, and the latest sale appears to have been an off-market transaction.
📊 Commercial: The Assembly of Christian Churches parted with a church and two vacant lots at 1370-1374 Myrtle Avenue in Bushwick for $4.1 million, after owning the site for more than three decades. The buyer was an LLC tied to David Halberstam of Bruklyn Builders. Bridge Property Advisors’ Brian Leary and Jidan Kim had the listing. The asking price was $4.5 million.
By the Numbers: Rent crisis hits low-income Americans hardest
Apartment rents are rising across the country, but renters on the bottom of the income spectrum are really feeling the heat.
People in the lowest quartile of median income — those who earned less than $43,302 annually — grappled with average rent increases that were 10.3 percent higher than those in the highest income bracket, or those who earned at least $69,804 in 2017. That’s according to a new report by the Pew Charitable Trusts, which analyzed Zillow data from October 2017 through October 2024.
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