There were 341 property transactions totaling $258 million recorded in New York City over the 24 hours before 4:00 p.m. on September 24.
The most expensive residential sale was a sponsor unit at 100 East 53rd Street in Midtown. An LLC connected to Malvinder Bhatia bought the four-bedroom, 3,400-square-foot condo for $8.8 million, or about $2,600 per square foot. The unit was originally listed in May for $9.9 million. Corcoran Sunshine Marketing Group is handling sales at this property, known as the Selene and developed by Vanke US, an affiliate of China Vanke Co.
In commercial real estate, Long Island City saw the largest transaction with the Standard Motor Products Building at 37-18 Northern Boulevard selling for $42.8 million. This six-story office building has 318,000 square feet and sold for about 61 percent less than its previous sale price over a decade ago. RXR Realty sold the property to Pearl Realty Management after acquiring it for $110 million in 2014. The building was part of a portfolio of sub-performing loans that Flagstar Financial sold earlier this year to Lone Star Funds.
Adam Silver, NBA commissioner, sold his co-op at The Beresford located at 211 Central Park West for $8.5 million. Silver had purchased the residence for $6.8 million in 2012 and later transferred ownership into a trust before selling it to Louise Riggio, widow of Barnes & Noble founder Leonard Riggio. Douglas Elliman’s Larry Brookner listed the three-bedroom home earlier this year for $8.8 million; it features views of both Central Park and the Museum of Natural History.
Judith Hernstadt, an art collector, paid $7.2 million for a five-bedroom co-op at 550 Park Avenue in Lenox Hill from Frederick and Marguerite Iseman; Frederick Iseman is chairman and CEO of CI Capital Partners. Coldwell Banker Warburg’s Parisa Afkhami handled the listing for this residence which includes a private elevator landing and library with views overlooking Park Avenue.
A duplex townhouse at 166 East 74th Street in Lenox Hill changed hands for $5.9 million from a trust tied to Corina Lamotte to an LLC buyer after decades under Lamotte’s ownership; Brown Harris Stevens’ Cordelia Robb managed this listing.
According to analysis by The Real Deal using Redfin data (https://www.redfin.com/news/housing-market-update-home-price-cuts-rise/), every major U.S metropolitan area saw more homes sell below asking price last August compared to one year prior—a sign that buyers may have increased leverage nationwide—and fewer homes are now selling above their list prices overall.
Washington D.C., among the ten most populous metros analyzed, experienced the highest annual increase: one quarter of its homes sold with price cuts last month—almost seven percent higher than August last year.
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