There were 168 transactions totaling $258 million filed in New York City records in the 24 hours before Friday, May 22.
🏆 Commercial: The priciest commercial deal to hit records was in Williamsburg, where a mixed-use property at 499 Grand Street traded for $7.5 million. The seller was an LLC tied to Greenbrook Partners, and the buyer was Townhouse Rental II, LLC. The building stands three stories tall and has ground-floor retail with apartments on the upper levels. It last sold in 2024 for $3.8 million.
🏆 Residential: The top recorded home sale was on the Upper East Side, where a trust tied to the late philanthropist Suzanne von Liebig sold a co-op at 969 Fifth Avenue for $13 million. The buyer also was a trust. The unit is a duplex with three bedrooms and four and a half bathrooms. Its last asking price was $13.5 million. Adam Modlin and Andrew Nierenberg with the Modlin Group had the listing.
📊 Residential: Ravi and Sharmila Sinha purchased a condo at Naftali Group’s 255 East 77th Street on the Upper East Side for $11.7 million. The 3,900-square-foot sponsor unit has five bedrooms and five and a half bathrooms. It also has multiple terraces that span a combined 1,300 square feet. The unit hit the market in November 2024 for just under $11 million. Compass’ Alexa Lambert, Alison Black and Shelton Smith had the listing.
📊 Residential: On the Upper West Side, a 4,400-square-foot penthouse at 15 West 96th Street sold for $11.5 million. The condo, a duplex, has five bedrooms, four and a half bathrooms and a wraparound terrace. It first hit the market two years ago, with an asking price of $18.5 million. Its most recent asking price was $12.5 million. Compass’ Shane Boyle, Will Ortman and Francesca Paone had the listing. The developer of the project is Sackman Enterprises.
By the Numbers: Opportunity zones got billions in tax breaks. Only Ohio tracked where the money went
Opportunity zones are designated census tracts meant to spur economic development in distressed communities through tax incentives. Yet there is no publicly available federal database tracking which zones actually received investment, how much capital flowed in or what projects were funded.
Just one state, Ohio, collects and publicizes tract-level data.
So far, the results have been highly variable. Just a third of the designated zones received financing from developers and investors, with much of that capital flowing into market-rate multifamily housing and commercial projects and into large cities like Cleveland and Columbus, according to research by Theodos and his colleagues.
Using Ohio’s data, the researchers also built a national model estimating which zones are most likely to attract investment. Their findings suggest roughly 60 percent of zones nationwide are unlikely to receive meaningful OZ funding.
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