Here are the notable transactions that happened in New York City on Friday, Oct. 17.
🏆 Residential: The top home sale recorded in New York City on Friday, Oct. 17, was for a condo in Greenwich Village. Kristian Humer sold a unit at 155 West 11th Street for just under $16 million. The buyer was a trust. Humer, CFO at Boston-based biotechnology research firm Foghorn Therapeutics, paid $8.9 million for the pad in 2016; it went on the market in May with an asking price of $17.5 million. The 3,300-square-foot condo has four bedrooms, three and a half baths and a balcony. Douglas Elliman’s Noble Black, Justin Figari and Connor Cuccinelli had the listing.
🏆 Commercial: The sale of a hotel off Madison Square Park was the top commercial deal recorded in the city. Arcadia, California-based developer Kam Sang Co., paid $231 million for the 252,000-square-foot hotel at 5 Madison Avenue known as the Edition Clocktower Hotel. The seller was the Abu Dhabi Investment Authority, which had purchased the 273-key building in 2015 for $337 million. Hudson Bay Capital Management provided a $155 million mortgage for the purchase.
📊 Commercial: MD2 Property Group offloaded two apartment buildings at 4 West 108th Street and 8 West 108th Street in Manhattan Valley for $17.5 million. The buyer was Los Angeles-based Bando Geny 3 LLC. The adjacent properties stand six stories tall and have 48 apartments combined. KEB Hana Bank provided a $10.7 million loan. The seller had owned the properties since 2019, when they purchased them for $11 million.
📊 Commercial: In the Financial District, a 12-story office property traded for $40.2 million. LLCs tied to Robert Wolf and AM Property Holdings Corp., led by Paul Wasserman, had owned the building for decades. The new owner is CSC 75 Maiden Prop Co LLC, registered to a Columbus Avenue address.
📊 Residential: Etsy CEO Joshua Silverman and Shirin Ghotbi sold a condo overlooking the Museum of Natural History at 101 West 78th Street in the Upper West Side. Vitaly Kuznetsov, an algorithm developer at Hudson River Trading, and Masayo Oto dropped $8.4 million on the unit, which Silverman and Ghotbi had bought in 2018 for $10.5 million. The four-bedroom, 4,000-square-foot pad had a most recent asking price of $8.7 million. Pamela D’Arc of Compass represented the sellers.
📊 Residential: Rit Venerus, founder of Cal Financial Group, scooped up a sponsor unit at 35 Hudson Yards for just under $7 million. The unit spans about 2,700 square feet and has three bedrooms and three and a half baths. The condo, which had an initial asking price of nearly $12 million, is one of seven in the building with a private terrace. Corcoran’s Hottinger Team is leading sales at the property, developed by Related Companies and Oxford Properties.
By the Numbers: Northeast, Northwest, post longest homeownership tenures
Homeowners are staying in their properties the longest in metropolitan areas across the Northeast and Pacific Northwest.
Those areas are also seeing the highest returns when properties eventually sell, signaling that these are high-demand markets where sellers aren’t leaving but buyers want to enter — and are paying a premium to do so.
One metro area, in particular, demonstrated both long tenure and outsized seller profit: Northern California’s San Jose-Sunnyvale-Santa Clara region. Homeowners there are staying in their houses for an average of 12.48 years, the 10th-longest tenure in the country. Meanwhile, sellers who did transact in the third quarter realized a staggering median gain of over 94 percent, the highest in the nation. (Although this is 11 percent lower than the previous year.)
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