New York rents have been notorious, though declining prices in some neighborhoods caught the attention of economists and hopeful renters alike. For the elite real estate clientele, times haven’t been better, with records being broken left and right. The Real Deal highlighted some of the most notable happenings in the real estate market.
Development outside of Manhattan has outpaced the borough, and Queens, now looking to cash in on Amazon, is a prime spot to build and sell luxury properties. The biggest sale belongs to a fund managed by Carlyle Group, who will pay $284 million for 1 QPS Tower. Long Island City may be getting big, but even this deal is noteworthy as it would be the biggest real estate deal in the neighborhood’s history.
The fund will specifically purchase the property at 1 QPS Tower, according to the Wall Street Journal. The building at 42-20 24th Street has 391 market-rate apartments with almost every last bit of space taken up by tenants already. Carlyle will take the property on from a joint venture that includes the Hakim Organization, Property Markets Group and Howard Lorber’s New Valley, The Wall Street Journal reports.
The Jewish Voice reported on the purchase when it happened and described the tall building’s amenities, like an outdoor swimming pool, a gym, and even some events like outdoor yoga and learning how to garden in a city.
The Jewish Voice previously reported on David M. Rubenstein, co-founder of the company, donating $18.5 million to help restore the Lincoln Memorial. The Presidents’ Day donation, presented during the National Park Service’s centennial year, will expand educational resources, foster public access, and repair and restore the Lincoln Memorial. It was Rubenstein’s fourth gift to benefit our country’s national parks.
In the historic Manhattan neighborhood of Harlem, a penthouse that went for almost $10 million and is by Central Park easily took the top spot for most expensive ever condo sale in uptown Manhattan.
Bedford-Stuyvesant saw a record sale too when the historic John C. Kelley mansion sold for $6.3 million. The neighborhood had never seen a higher sale price on a single-family home. An LLC obscured the buyer’s identity, but he or she broke the previous sale record for the neighborhood by almost double.
The northernmost borough saw a new record of its own that smashed a price ceiling. A 1.3-million-square-foot waterfront area situated in the South Bronx sold for $165 million. Somerset Partners and Chetrit group sold the land to Brookfield Properties. Brookfield wants to provide housing opportunities with over 1,000 rental units. Recent city and state economic reports about the Bronx show a historically struggling borough that has been consistently adding jobs. As investors continue turning their sites on the borough bordering Westchester County, a big sale and project like the one being undertaken by Brookfield Properties could build confidence and help encourage more investments.
By: Julie Kerschner
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