There were 193 real estate transactions in New York City between the afternoon of September 12 and September 15, totaling $308 million.
The most expensive residential sale was a condo at 944 Park Avenue on the Upper East Side. Esser Management sold the unit for $10.5 million to an LLC associated with financier Adam Karol. The buyer combined three units into one, creating a residence of about 3,300 square feet.
In commercial real estate, the largest deal took place in Hell’s Kitchen. Two adjacent mixed-use properties at 643 and 647 Ninth Avenue sold for $18 million. The seller was affiliated with Miami Beach-based LNR Partners, while the buyers were LLCs tied to Aetna Realty Financial Corp. The five-story building at 643 Ninth Avenue has 19 apartments over 15,200 square feet; the six-story building at 647 Ninth Avenue contains four apartments across roughly 6,700 square feet. LNR Partners assumed control of the mortgage and initiated foreclosure proceedings in 2021 after Dennis Wong of SPI Holdings LLC purchased both buildings for $8.5 million in 2013.
Other notable residential deals included Sung Hoon Baik’s purchase of a condo at The Bellemont, located at 1165 Madison Avenue on the Upper East Side, for $10.3 million from an LLC connected to Naftali Group, the developer. This three-bedroom home is about 2,900 square feet and sold for approximately $3,600 per square foot. Compass agents Alexa Lambert, Alison Black, Marc Achilles and Georgeana Leontiou listed it in May with an initial price of $11 million; the seller bought it for just under $9 million last year.
A trust related to Joseph Ianniello sold a full-floor condo spanning nearly 3,600 square feet at 80 Riverside Boulevard in Lincoln Square for $6.3 million to David Yang and Laura Huang—about $1,800 per square foot. This five-bedroom property last changed hands in 2011 for $6.1 million and had been on and off the market since 2019 before going into contract below its asking price of nearly $7 million. Douglas Elliman’s Janna Raskopf and Roger Erickson represented the seller.
In Queens’ Malba neighborhood, a waterfront mansion at 117 Malba Drive traded hands for just under $6.3 million. The single-family home features five bedrooms across its 8,300-square-foot interior on a lot measuring more than half an acre (23,400 square feet). Amenities include a gym, several terraces, an outdoor kitchen, saltwater pool and dock. An LLC linked to Frank Pecora sold the property after purchasing it in 2017 for $5.5 million; it was listed this April with an asking price close to $7.9 million by RE/MAX 1st Choice’s Po Wei David Tair.
On the commercial side in Washington Heights, Panzer Building Corp., as part of bankruptcy reorganization efforts, sold a six-story mixed-use building with twenty-two units at 651 West 169th Street for $5 million to two companies connected to Igal Namdar’s Namdar Realty Group and Steven Kashanian’s Klosed Properties—both based in Great Neck—after owning it since at least the early seventies.
According to PropertyScout analysis reported by TRD Data (https://www.trddata.com/), New York City is expected to see its highest number of development rights transfers since 2016 this year. As of August first, there have been fifty-four such transfers—including Zoning Lot Development Agreements and special district or landmark development rights transactions—which projects out to ninety-two total transfers by year-end if trends continue.
“By the Numbers: NYC to see most development rights traded in 10 years
Landowners in the Big Apple are on track to hand over the most development rights in about a decade.
An analysis by PropertyScout found that 54 transfers of development rights have occurred in New York City as of Aug. 1. That means the city is likely to see 92 such transfers — which include Zoning Lot Development Agreements, special district transfers and landmark development rights transfers — for the full year.
This is the highest amount since 2016, which saw 98 such transfers, according to data from the property data firm.”
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