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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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David Werner acquiring Harlem office leasehold for $60M
Brookfield unloading legacy property from Forest City takeover New York /
UPDATE, Apr. 1 2021, 1:55 p.m.: David Werner is betting on Harlem.
The prolific real estate investor will acquire the 55-year leasehold of a Harlem office complex at 317 Lenox Avenue from Brookfield Asset Management. The deal is still pending, but is expected to close for approximately $60 million.
The seven-story, 160,000-square-foot complex sits atop 100,000-square-foot retail space whose tenants include CVS and Marshalls. The property is controlled by a partnership led by Madison International Realty, according to Real Estate Alert, which first reported the news. The average remaining lease term for office tenants is about nine years.
(iStock/Illustration by Kevin Rebong for The Real Deal)
New York City real estate avoided some of the deepest cuts seen during a year of record job losses across most industries.
Despite challenges like a temporary ban on in-person property showings and the spring shutdown’s outsized damage to retail and hospitality, the city’s real estate job cuts were mild compared to its broader workforce.
Across the five boroughs, jobs in the real estate sector fell 6.7 percent last year to 136,000 positions, according to state Department of Labor figures. That amounted to 9,100 fewer jobs industry-wide than in 2019.
Though bruising, those job losses amounted to roughly half the 13.5 percent drop the city recorded across all sectors during that time.
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