East Side, West Side, all around town, properties are being sold at record prices. Last year, total real estate investment sales for New York City rose to $15.2 billion, as compared to $9.97 billion in 2003, an increase of 53%. Based on all indications, a number of records will be shattered this year.

In April, Tishman Speyer Properties paid $1.72 billion to MetLife for the MetLife Building at 200 Park Ave., the highest price ever paid for an office building, surpassing the purchase in September 2003 by the Macklowe Organization of the General Motors Building at 767 Fifth Ave. for $1.4 billion. This month, Met Life closed on the purchase of 575 Fifth Ave., paying $380 million to Sterling Equities. Last week, JPMorgan Chase entered into a contract to sell the 23-story, 575,000-square-foot home of its asset management division at 522 Fifth Ave. The purchaser is a partnership of Stellar Management and the Rockpoint Group, which purchased the land under the building last year for $53 million. Two blocks south is the headquarters of Safra Bank at 550 Fifth Ave. Earlier this month, the bank purchased the 46,000-squarefoot office building for $33 million.

Madison Avenue is the home of prominent office buildings and retail establishments. In April, another record was shattered when Vornado Realty Trust purchased the entire retail condominium of the former Westbury Hotel for $113 million. This property occupies an entire block of Madison Avenue between East 69th and East 70th streets and contains about 17,000 square feet. Vornado paid $113 million, or about $6,647 a square foot, the highest price ever paid for retail space in America. Last year, a partnership of Altman Burack Partners paid $64.7 million for the 274,000-squarefoot office building at 270 Madison Ave. According to industry insiders, the property is being marketed for sale and expected to fetch more than $100 million. Later this year, Sony will be marketing for sale its headquarters at 550 Madison Ave., which might sell for more than $350 million.

The 146,000-square-foot office tower owned by CalSTRS pension at 551 Madison Ave., on the corner of East 55th Street, is expected to fetch close to $85 million. CalSTRS, the California State Teachers’ Retirement System, has been an active buyer this year. In June, CalSTRS, in partnership with LCOR, purchased the three-story office building and land at 225 East 34th St., paying $73 million to Benenson Capital, which had owned the land for 51 years. The partnership will be demolishing the building and plans to develop a 21-story residential condominium called the Charleston. In March, this LCOR/CalSTRS partnership purchased the parking lot owned by Con Edison at the northwest corner of Sixth Avenue at West 24th Street. The partnership plans to develop a residential condominium.

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A building just put up for sale could break the record for the highest price paid per unit for residential rentals. The owner, the Manocherian family, is expected to sell the Langham at 135 Central Park West and 73rd Street for a total price of about $600 million, or an unprecedented $10 million a unit. The previous high, Real Capital Analytics reports, was $1.545 million a unit paid by Richard Parkoff for the property at 809-811 Madison Ave.

Earlier this month, it was announced that a partnership headed by Joseph Moinian and C &K Properties entered into a contract to sell EAB Plaza in Uniondale for $240 million. Reckson Realty agreed to pay this record price for the Long Island property, which was purchased in September 2003 for $190 million. Two weeks ago, C&K Properties sold an office building at 156 William St. for $41 million. In July 2004, C&K and its partner, Zamir Equities, paid $91 million to a partnership of Tribeca Associates and Ritchie Capital for the 18-story, 420,000-square-foot office building known as Penncom Plaza at 132 W. 31st St. The partners have retained an investment sales broker to sell the building, which may fetch close to $110 million. Real estate insiders believe the property may be converted to residential if the owners can purchase the land underneath the building. A few months ago, Mr. Moinian entered into a contract to sell the 190,000-square-foot building at 90 William St. to a residential developer, Lou Greco, for $35.5 million.

Last week, a new player to the New York market, Somerset Partners, closed on the purchase of the birthplace of the first Oreo cookie, the 15-story, 601,000-square-foot renovated office building at 85 Tenth Ave. on the corner of 15th Street. They paid $300 million to a partnership of that included Angelo, Gordon & Company, Belvedere Capital, and Irwin Cohen of ATC Management. The chairman of the board of BRT Realty Trust, Fred Gould, recently paid about $81 million for two office buildings, with a total of 230,000 square feet, at 260 11th Ave. and 549 W. 26th St. in Chelsea. All but 10,000 square feet of the buildings are under a triple-net lease with the city of New York.

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Real estate investors have been very interested in purchasing Class B office towers on Park Avenue South and converting them into residential condominiums. This May, Monday Properties purchased the 20-story office building at 386 Park Avenue South, paying about $71 million. Directly across the street is the 12-story retail-and-office building at 387 Park Avenue South. Swedish Match purchased the building earlier this year from General Cigar. According to industry insiders, the 228,000-square-foot building may sell for about $70 million.

Earlier this spring, the Oregon public employees’ pension fund, the owners of an office building that was converted into a rental apartment building about 25 years ago at 254 Park Avenue South, are now selling the property. Sources say the property will be sold later this year for more than $75 million. Earlier this year, the pension fund sold the 140-unit rental building at 184 Thompson St. to Raymond Chalme’s Broad Street Partners for $54.3 million.

Last week, the first bids were due on the Macklowe Organization’s River Terrace, a 41-story luxury residential rental at 515 E. 72nd St. between York Avenue and the East River. According to industry insiders, the property will sell for more than $410 million and the Macklowe Organization will be marketing for sale the 80,000-square-foot office-and-retail building at 50 W. 57th St. Industry leaders expect the property to sell for more than $750 a square foot, or more than $60 million.

In 2003, no one ever expected the General Motors Building to be sold for $1.4 billion. This year, the MetLife Building traded for $1.72 billion and the Trump Riverside Development for $1.72 billion. I would not be surprised to see another record shattered later this year with a sale of a property for more than $2 billion.

Mr. Stoler is a television broadcaster and vice president at First American Title Insurance Company of New York. He can be reached at mstoler@firstam.com.