New York Top Real Estate Deals: Thursday, July 9

There were 224 transactions totaling $434 million filed in New York City records in the 24 hours before 4 p.m. on Wednesday, July 8.

🏆Residential: The most expensive home sale recorded in New York was on the Upper East Side, where a nearly 5,000-square-foot condo at Reuben Brothers’ Surrey Residences at 20 East 76th Street sold for $25.7 million. Douglas Elliman’s Lauren Muss and Michelle Griffith had the listing. The unit’s new owner is S Surrey LLC, and the transaction breaks down to more than $5,100 per square foot.

🏆Commercial: In Chelsea, an apartment building sold for $18.1 million at 135 West 24th Street, representing the highest-priced commercial deal to hit records. Two LLCs attached to Penn South Capital were the sellers; Maruishi Pharmaceutical Co. was the buyer. The building contains 23 units, stands six stories tall and measures about 12,600 square feet. 

📊Commercial: A 5,900-square-foot commercial condo unit sold for $17 million at 325 Fifth Avenue in Midtown South. A company managed by real estate investor Albert Rabizadeh was the buyer; an affiliate of HUBB NYC Properties was the seller and had purchased the unit nearly a decade ago for $23.9 million.

📊Residential: In the West Village, a townhouse at 146 Waverly Place changed hands for $21 million. The home spans about 8,100 square feet and contains five bedrooms and seven bathrooms. Clayton Orrigo with Compass had the listing.  

📊Residential: A condo in Soho at 40 Mercer Street sold for $13.3 million. Christopher Rokos was the buyer. The seller was Lazandra LLC. The 3,000-square-foot home has four bedrooms, three and a half bathrooms, and a private terrace with a pool. The sale comes out to around $4,400 per square foot. 

By the Numbers: Here’s a look at NYC’s major office-to-residential conversions

New York City’s office-to-residential dream is getting a reality check.

Since the pandemic, developers and landlords have ramped up conversions of offices into residential developments. The top 13 projects, all based in Manhattan, will produce more than 121,300 units to the borough across 7.4 million square feet of space, according to a TRD Data analysis of initial alteration filings from 2020 to present.

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