There were 151 transactions totaling $262 million filed in New York City records in the 24 hours before 4 p.m. on Friday, May 29.
🏆 Commercial: The top commercial real estate deal to hit records in the Big Apple was in Long Island City, where a 23,200-square-foot retail property at 47-15 34th Avenue sold for $31 million, or about $1,300 per square foot. The buyer was an affiliate of Jade Century Properties, and the seller was an LLC tied to Ashley Cho, which had purchased the property in 2008 for $6.6 million.
🏆 Residential: On the Upper West Side, an 11,700-square-foot townhouse at 323 West 80th Street sold for $7 million. The sellers were Broadway producer William DeSeta and his wife, Donna DeSeta, and the buyer was an LLC tied to Kassin Sabbagh Realty. The DeSetas had owned the property since the 1970s, and first tried to sell it in 2017, listing it for $20 million. The property was previously configured as a multifamily building, but it was marketed as a vacant mansion with an indoor garage and private roof deck. The property stands six stories tall and has 31 rooms and a full basement. Its last asking price was just under $7 million. Compass’ Mark Jovanovic, Scott Hustis, David Son and Nora McGuire had the listing.
📊 Commercial: In the West Village, a multifamily property at 605 Hudson Street traded for $14.7 million. The building stands five stories tall and has eight apartments along with ground-floor retail. The seller was 605 Hudson Ltd., with Alain Laurent as its president. The buyer was an LLC tied to Joseph Ienco. Laurent had owned the building since the 1980s.
📊 Residential: Also in the West Village, a 1,700-square-foot condo at 160 Leroy Street changed hands for just under $6 million. The seller, 160 Leroy LLC, had purchased the unit in 2022 for $4.9 million. The buyer in the latest sale was Leroy Street LLC. The deal, which appears to have been off-market, breaks down to roughly $3,500 per square foot.
By the Numbers: Americans are refinancing again — but not buying
Even as borrowing costs continue to inch higher, Americans are continuing to prioritize refinancing their home mortgages over taking out loans to buy new properties.
In the first quarter, the number of refinancing originations outpaced new purchase loans for the second quarter in a row, according to a TRD Data analysis of Attom loan data. This trend had not occurred since early 2022, when mortgage rates hovered around 3.5 percent but were beginning to climb again.
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