Flushing's Office Condo Sales

MANHATTAN
According to this week’s market reports, 651 residential contracts were signed in Manhattan and Manhattan investment sales fell by 41 percent in 2017.

Residential
Between Jan. 15 and Feb. 11, there were 651 contracts that were signed in Manhattan. Out of that total, 327 contracts were for co-op units, followed by 288 condos and 21 condops. The most active price segments was the $1 million to $2 million range, which accounted for 169 deals. The $2 million to $5 million segment, was less robust, accounting for just 129 transactions

Commercial
In 2017, Manhattan investment sales dropped 41 percent year-on-year to $23 billion. The decline is attributed to the retreat of foreign buyers. U.K. buyers led the exodus, with investments dropping 87 percent to $188 million. However, the weakening of Chinese interest had the most impact. During the year, investments from the country dropped 62 percent to $2.5 billion.


BRONX

Foxy Management will bring another large senior building to the Bronx on a three-lot assemblage at the corner of Arthur Avenue and East 179th Street.

The developer is planning a nine-story, 177-unit building spanning more than 120,000 square feet on sites at 2016 Arthur Avenue, 612 East 179th Street and 2010 Arthur Avenue. The company is purchasing the sites for about $4 million, according to the Highcap Group’s Guy Vardi, who brokered the assemblage deals along with Jonathan Bichoupan. Jeff Fox, principal of Foxy Development, said his company hopes to close on financing in the late fall and break ground at the end of 2018 or the beginning of 2019.