New York Top Real Estate Deals: Friday, July 24

There were 156 transactions totaling $200 million filed in New York City records in the 24 hours before 4 p.m. on Friday, July 24.

🏆Commercial: The biggest commercial sale to hit records was in Sunset Park, where a one-story industrial building at 230 39th Street traded for $7.3 million. The property spans 15,600 square feet, pricing the sale at $500 per square foot. The seller, 236 39th Street LLC, had owned the property for decades. The buyer in the most recent deal was SPG 236 39th St LLC.

🏆Residential: The priciest recorded home sale was in Williamsburg. Siwei Wang purchased a 2,700-square-foot sponsor unit, a penthouse, at Two Trees’ 346 Kent Avenue, or One Domino Square. The price was $7.8 million or $2,900 per square foot.

📊Residential: Gerald Bilstein and Randye Kaplan purchased a co-op at 39 East 79th Street on the Upper East Side for $5.9 million. The sellers were Robin Esterson and Pamela Hickory, who purchased the pad in 2009 for $6 million.

By the Numbers: As office conversions face scrutiny, schools offer developers another path

Incentivized by federal and local tax credits and governments’ desires to build more housing, developers increasingly are converting school buildings into residential properties as public school districts close campuses.

Across the U.S., more than 370 school facilities have been turned into apartment complexes since the 1980s, according to Yardi Matrix. The projects have created some 35,100 housing units. The peak year for conversions was 2024, with 12 projects delivering almost 2,000 units, according to Yardi’s data. 

The trend shows no sign of slowing, particularly as parts of the country face declining school-age populations. There are 78 projects across 42 markets under construction or in the planning stages that are set to deliver some 9,000 units, according to Yardi.

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