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New York City investment sales are finally picking up steam after a sleepy 2023, with two development sites trading and a notable air rights deal going into contract. Legion Investment Group spent $68 million on a planned condo development site in Gramercy, while Chris Jiashu Xu’s United Construction & Development bought a large development site from Fisher Brothers in Long Island City, Queens, for $58 million. Citadel’s Ken Griffin, Rudin and Vornado Realty Trust (VNO) also went into contract on $75 million worth of air rights from St Bartholomew’s Church, which will help build Citadel’s new headquarters at 350 Park Avenue.
| Amount | Address | Buyer | Seller | Broker | Asset |
|---|---|---|---|---|---|
| $78 million | 325 Park Avenue, New York | Citadel’s Ken Griffin, Rudin and Vornado Realty Trust | St. Bartholomew’s Church | N/A | Air rights |
| $68 million | 252-258 Third Avenue, New York | Legion Investment Group | Multiple LLCs | N/A | Development site |
| $57.5 million | 42-50 24th Street, Queens, N.Y. | United Construction & Development | Fisher Brothers | CBRE’s Doug Middleton and Dan Kaplan | Development site |
| $25 million | 2121 Biscayne Boulevard, Miami | Johnson Automotive Dealership Group | Sikka Investments | Apex Capital Realty’s Rani Hussami | Retail |
| $13 million | 7150 Standard Drive, Hanover, Md. | Distribution by Air | Rialto Capital Management | MacKenzie Companies’ Andrew Meeder | Industrial |
Sales Deals of the Week reflects deals closed or announced from March 4 to March 8. Information on sales can be sent to editorial@commercialobserver.com.
Chris Jiashu Xu, Citadel, Distribution By Air, Fisher Brothers, Johnson Automotive Dealership Group, Rialto Capital Management, Rudin Management, Sikka Investments, St. Bartholomew’s Church, United Construction & Development, Vornado Realty Trust, Citadel, Rudin, United Construction & Development, Vornado Realty Trust
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