2022 sees even fewer large apartments on the market
Wondering why it’s so tough to find a large-ish apartment in Tokyo? They’re not being built. At least not in any discernible quantity.
New condo for Kita Aoyama
Next month, construction will start on a new condo project in the Kita Aoyama address. The site is located behind Gaienmae Station and near the Olympic Stadium.
Tokyo Apartment Sales in February 2023
The following is a selection of apartments that were reported to have sold in central Tokyo during the month of February 2023:
Tokyu Plaza Ginza sold
On March 3, Tokyu Fudosan Holdings Corporation announced the sale of Tokyu Plaza Ginza. The sale price was not disclosed, although it had a book value of 118.5 billion Yen (US$872 million) as of March 2022. Tokyu is expecting an impairment loss of 21.1 billion Yen for the fiscal year ending March 2023.
Construction of 2,000-unit high-rises starts in Tokyo Bay
Construction of the Toyomi District Cat. 1 Town Redevelopment Project started in early January. This will see the creation of two 54-story apartment towers in the Kachidoki/Toyomicho district on Tokyo Bay.
REIT acquires partial ownership in ARGYLE aoyama
A 50% quasi co-ownership share in the ARGYLE aoyama on the corner of Aoyama and Gaien-Nishi streets in central Tokyo has been acquired by the Japan Real Estate REIT for 23.9 billion Yen (approx. US$175 million). The building is fully leased and the cap rate is 2.9%.
Historic ryokan in Nagano on the market
A historic ryokan that was the setting of the 1976 film The Inugami Family is for sale.