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The biggest investment sales deal of the year didn’t even involve brokerages.
In March, Amazon bought the landmarked Lord & Taylor building at 424 Fifth Avenue for $978 million.
The e-commerce giant did a direct deal with the seller, a joint venture of Rhone Capital, Hudson’s Bay Company and WeWork, which originally planned to renovate the 660,000-square-foot building to use as its corporate headquarters.
The deal, which worked out to about $1,480 per square foot, closed on March 12, just one week before Gov. Andrew Cuomo ordered all nonessential businesses, including real estate firms, to pause in-person activities as Covid-19 spread throughout the city. New York City’s investment sales market, already navigating a slow few years, took a big hit, with big deals stalled or falling apart altogether.
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From left: 140 and 142 West 4th Street, 63 West 104 Street and 37-30 Review Avenue in Long Island City (Google Maps; StreetEasy)
It was another strong showing for New York City investment sales between $10 million and $30 million.
Ten deals, of which half were in Long Island City, combined for a total weekly volume of $154 million, edging out last week’s $143 million. Here are more details for the week ending Jan. 15.
1. Rudd Realty sold two mixed-use buildings, each with 16,600 square feet and 24 units, at 140 and 142 West 4th Street in Greenwich Village for $22.9 million. The buyer was Willowick Properties.
2. The Orbach Group sold a 26,000-square-foot multifamily building at 63 West 104 Street on the Upper West Side for $21.5 million. It has seven floors and 34 units. Reda New York Holdings was the buyer. Meyer Orbach signed for the seller.
450 West 31st Street, New York, NY 10001 Phone: 212-260-1332
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