There were 341 real estate transactions totaling $258 million in New York City during the 24 hours before 4:00 p.m. on September 24.
The highest-priced residential sale was a sponsor unit at 100 East 53rd Street in Midtown, where an LLC connected to Malvinder Bhatia bought a four-bedroom condo for $8.8 million. The property, known as the Selene and developed by Vanke US, was originally listed for $9.9 million in May. Corcoran Sunshine Marketing Group is managing sales at the building.
On the commercial side, Long Island City saw the most expensive transaction with the sale of the Standard Motor Products Building at 37-18 Northern Boulevard for $42.8 million. This six-story office building previously sold for $110 million in 2014 to RXR Realty, which has now sold it to Pearl Realty Management led by Jack Guttman. The sale price marks a significant drop from its previous value. The building is part of a group of sub-performing loans that Flagstar Financial sold earlier this year to Lone Star Funds.
NBA Commissioner Adam Silver sold his co-op at The Beresford, located at 211 Central Park West, for $8.5 million. Silver had purchased the three-bedroom 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 property earlier this year for $8.8 million; it features views of both Central Park and the Museum of Natural History.
Art collector Judith Hernstadt acquired a five-bedroom co-op at 550 Park Avenue in Lenox Hill for $7.2 million from Frederick and Marguerite Iseman; Frederick Iseman is CEO of CI Capital Partners. Coldwell Banker Warburg’s Parisa Afkhami managed this listing, which includes amenities such as a private elevator landing and library with views over Park Avenue.
A duplex townhouse at 166 East 74th Street in Lenox Hill also changed hands for $5.9 million after being owned by Corina Lamotte’s trust for decades; Brown Harris Stevens’ Cordelia Robb handled this listing.
Nationally, home price cuts are becoming more common across major U.S cities according to an analysis by The Real Deal based on Redfin data. In August, every major metropolitan area saw an increase in homes selling below asking price compared to last year while fewer homes went above ask overall. Washington D.C., specifically, recorded that one quarter of its homes sold with price reductions—an almost seven percent increase from last year—the largest annual jump among America’s ten biggest metro areas.
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