Most Expensive Neighborhoods for NYC Commercial Sales in 2019 (New York, Eden: real estate, condos)

[Aeran]

https://www.metro-manhattan.com/blog...s-in-nyc-2019/

New York City is notoriously expensive, whether you’re looking at residential or commercial real estate. Homes and condos are selling for exorbitant prices, while Manhattan office space is among the priciest in the world. It’s not uncommon for landlords to ask potential tenants more than $100 per square foot in certain submarkets, such as FiDi, Hudson Yards, or the prestigious Plaza District. Commercial space in these coveted enclaves comes at a premium, but there are many who are willing to fork over any amount in exchange for a NYC business address.

We looked at all the commercial real estate sales to close in the five boroughs so far this year, to see which areas of the city are preferred by investors. We extracted the 30 most expensive streets, as well as the 30 most expensive neighborhoods in NYC, to get a better idea of what the market looks like this year. Our list includes streets and neighborhoods that recorded at least 10 commercial sales from January through October 2019.

Flatbush Avenue was no. 4 and beat out 5th Avenue, Manhattan?

[Gantz]

Originally Posted by Aeran

Flatbush Avenue was no. 4 and beat out 5th Avenue, Manhattan?

Flatbush Ave is downtown Brooklyn. I am guessing that's the CityPoint sales coming through.

[pierrepont7731]

Originally Posted by Aeran

https://www.metro-manhattan.com/blog...s-in-nyc-2019/

New York City is notoriously expensive, whether you’re looking at residential or commercial real estate. Homes and condos are selling for exorbitant prices, while Manhattan office space is among the priciest in the world. It’s not uncommon for landlords to ask potential tenants more than $100 per square foot in certain submarkets, such as FiDi, Hudson Yards, or the prestigious Plaza District. Commercial space in these coveted enclaves comes at a premium, but there are many who are willing to fork over any amount in exchange for a NYC business address.

We looked at all the commercial real estate sales to close in the five boroughs so far this year, to see which areas of the city are preferred by investors. We extracted the 30 most expensive streets, as well as the 30 most expensive neighborhoods in NYC, to get a better idea of what the market looks like this year. Our list includes streets and neighborhoods that recorded at least 10 commercial sales from January through October 2019.

Flatbush Avenue was no. 4 and beat out 5th Avenue, Manhattan?

Flatbush Av in Downtown Brooklyn has really come up over the years, though I agree, that I'm a bit shocked that it beat out 5th Av.

[Aeran]

Originally Posted by pierrepont7731

Flatbush Av in Downtown Brooklyn has really come up over the years, though I agree, that I'm a bit shocked that it beat out 5th Av.

Yeah. And Northern Blvd, Queens?
But these are most expensive commercial streets.
When you scroll down to the top 10 most expensive commercial neighborhoods, it's all Manhattan.
With Mount Hope/Mount Eden in the Bronx breaking at spot 12.


1 Financial Manhattan $43,850,000 $793,768,750
2 Fashion Manhattan $12,499,570 $1,943,973,432
3 Midtown Cbd Manhattan $10,282,052 $3,956,060,028
4 Upper East Side (79-96) Manhattan $9,078,000 $415,130,173
5 Greenwich Village-West Manhattan $9,000,000 $387,652,513
6 Greenwich Village-Central Manhattan $8,900,000 $320,366,349
7 Little Italy Manhattan $8,165,000 $116,339,461
8 Upper East Side (59-79) Manhattan $7,725,000 $876,343,983
9 East Village Manhattan $7,200,000 $189,038,572
10 Chelsea Manhattan $7,150,000 $1,279,037,248

The Bronx, Home to the Priciest NYC Commercial Neighborhood Outside Manhattan
In an unusual twist, The Bronx landed one of its neighborhoods at #12 on our list, namely Mount Hope/Mount Eden, which is the priciest NYC neighborhood outside Manhattan when it comes to commercial deals in 2019. The neighborhood saw 11 deals close this year for a combined volume of $59 million and a median sale price of $5.8 million. Out of these 11 sales, the largest was that of a 58-unit multifamily building at 1466 Grand Concourse, which traded hands in April for $13.8 million.

Three other neighborhoods in the Bronx made our list, namely Mott Haven/Port Morris at #18, Highbridge/Morris Heights at #26 and Kingsbridge Heights/University Heights at #29.

[Aeran]

Originally Posted by Gantz

Flatbush Ave is downtown Brooklyn. I am guessing that's the CityPoint sales coming through.

You're right!

The priciest street in Brooklyn is Flatbush Avenue, at #4 on our list, where commercial assets are trading for a median sale price of $5.6 million. That makes Flatbush pricier than Fifth Avenue or Broadway in 2019. This busy street is developing fast, with Brooklyn Point, the tallest building in the borough, currently under construction here, as part of the larger City Point project. Investors are drawn to this area like a magnet, and the top deal of 2019 on Flatbush Avenue was the $100 million sale of the 270 Flatbush Avenue extension. The 1919-built, three-story office building changed hands in late June, and we’re betting that whoever purchased it is planning to build something bigger on that lot.

[Kefir King]

Oy,


the bloodbath will be UNREAL.