There were 193 property transactions in New York City totaling $308 million between the afternoon of September 12 and September 15.
On the residential side, the most expensive deal was a condo at 944 Park Avenue on the Upper East Side, sold by Esser Management for $10.5 million to an LLC linked to financier Adam Karol. The purchase appears to combine three units into one space of about 3,300 square feet.
The top commercial sale was in Hell’s Kitchen, where two adjacent mixed-use buildings at 643 and 647 Ninth Avenue sold for $18 million. An affiliate of LNR Partners was the seller, while LLCs tied to Aetna Realty Financial Corp bought the properties. The building at 643 Ninth Avenue is five stories with 19 apartments over 15,200 square feet; its neighbor at 647 Ninth Avenue has six stories and four apartments spanning roughly 6,700 square feet. LNR Partners had previously foreclosed on these properties after taking over their mortgage in 2021. Dennis Wong of SPI Holdings LLC had been the previous owner, purchasing them for $8.5 million in 2013.
Other notable residential transactions included Sung Hoon Baik’s acquisition of a three-bedroom condo at The Bellemont (1165 Madison Avenue) for $10.3 million from an LLC associated with Naftali Group, which developed the property. The residence measures around 2,900 square feet—about $3,600 per square foot—and had originally been listed in May for $11 million.
A trust related to Joseph Ianniello sold a nearly full-floor condo at 80 Riverside Boulevard in Lincoln Square for $6.3 million to David Yang and Laura Huang. The five-bedroom unit last traded hands in 2011 for $6.1 million and spans just under 3,600 square feet.
In Queens’ Malba neighborhood, a waterfront mansion at 117 Malba Drive changed ownership for just under $6.3 million. The home features five bedrooms across about 8,300 square feet on a large lot with amenities including a gym and saltwater pool. An LLC linked to Frank Pecora was the seller; another LLC purchased it after it was listed earlier this year for approximately $7.9 million.
Panzer Building Corp., as part of bankruptcy proceedings, sold a six-story mixed-use building with 22 units at 651 West 169th Street in Washington Heights for $5 million to companies tied to Namdar Realty Group and Klosed Properties.
An analysis by PropertyScout indicates that New York City is likely to see its highest number of development rights transfers since 2016 this year—projecting about ninety-two such deals by year-end if current trends continue (https://www.propertyscout.com/). These transfers include Zoning Lot Development Agreements as well as special district and landmark development rights deals.
“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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