It’d be safe to call 2023 the year of the owner-occupier.
Three of New York City’s top 10 investment sales this year came from companies that plan to use the space themselves. That includes Wells Fargo (WFC)’s $550 million purchase of Neiman Marcus’ former retail space at 20 Hudson Yards, the largest owner-occupier sale of the year and the third-biggest deal overall.
Hyundai Motors and New York University also cracked the top 10 with their purchases this year, and other owner-occupier deals came close.
The trend is probably the brightest spot for the industry as far as New York City investment sales in 2023.
The city’s drought of $1 billion deals that cleared up in 2022 has returned in 2023. The largest deal of the year — Mori Trust’s $998 million purchase of a minority stake in 245 Park Avenue from SL Green Realty — came in just shy of the $1 billion mark.
In the third quarter of 2023, Manhattan saw a total of $4.93 billion in sales volume, putting the borough on pace to hit $15.3 billion for the year, according to JLL. That would be a 25 percent decrease from the $20.3 billion closed in 2022.
For some good news, the number of sales for at least $10 million is on pace this year to increase 6 percent annually, to 239, according to JLL.
If that roller coaster of emotions hasn’t forced you to stop reading and head to your nearest watering hole, here are the top 10 New York City investment sales of 2023, as reported by CBRE and Cushman & Wakefield. The names of the brokers who worked on them are listed where available.
Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.
It’d be safe to call 2023 the year of the owner-occupier. Three of New York City’s top 10 investment sales this year came from companies that plan to use the space themselves. That includes Wells Fargo’s $550 million purchase of Neiman Marcus’ former retail space at 20 Hudson Yards, the largest owner-occupier sale of the
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, ground lease, off market, investment sales, khodadadian, Commercial Real Estate Sales, Commercial Observer, Retail For Lease, Commercial Observer, Commercial Office Lease
Read MoreChannel, Sales, 125 Greenwich Street, 1261 Second Avenue, 15 Laight Street, 20 Hudson Yards, 245 Park Avenue, 377 East 33rd Street, 555 Greenwich Street, 850 Third Avenue, One Liberty Plaza, Park Lane Hotel, slideshow, New York City, Bizzi & Partners Development, Black Spruce Management, Blackstone, Brookfield Properties, Chetrit Group, Fortress Investment Group, Hines, HPS Investment Partners, Hyundai Motor Company, Mori Trust, New York University, Norges Bank Investment Management, Oxford Properties Group, Qatar Investment Authority, Related Companies, SL Green Realty, Soloviev Group, The Rector Church-Wardens and Vestrymen of Trinity Church, Towonhouse Company, Trinity Church Wall Street, Vanbarton Group, Verbana Road Holdings, Wells Fargo, Witkoff Group Commercial Observer
