Industrial real estate in New York is still irresistible to investors


Clockwise from left: 2250 59th Street in Brooklyn, 249-26 Northern Boulevard in Douglaston, Queens, and 906 Wortman Avenue in Brooklyn (Google Maps)

Investors’ appetite for industrial property is insatiable. The once lackluster asset has turned out electric since the pandemic accelerated the shift to online shopping and fast delivery. Institutional investor Blackstone Group, industrial giant Prologis and developer Rockefeller Group each bought warehouse, factory or industrial development plots in the city last week for more than $ 20 million.

Manhattan accounted for most of the investment sales last week in the $ 10 million to $ 40 million range with six deals. Brooklyn had three and Queens had two. Mid-market sales totaled $ 251 million, comparable to $ 259 million the week before the Christmas holidays.

Notable transactions included an office building in Mapleton, Brooklyn, and a grocery store in Douglaston, Queens. Here are more details.

1. Blackstone purchased a 112,800 square foot factory building from 906 Wortman Avenue in New Lots, Brooklyn, for $ 35.5 million. A subsidiary of Coda resources sold the property, also known as 906 Alabama Avenue.

2. Royal Builders sold a 52,500 square foot office building to 2250 59th street, in Brooklyn for $ 30 million. A limited liability company purchased the property, which is in Mapleton, an area between Bensonhurst and Midwood.

3. JMart Asian grocery store purchased a 36,400 square foot former Stop & Shop from Colin Development in 249-26 Boulevard du Nord in Douglaston, Queens, for $ 30 million.

4. Prologis purchased a 31,500 square foot warehouse from 280 Johnson Avenue in East Williamsburg for $ 27.5 million. The industrial giant owns nearby 512 Johnson Avenue with an area of ​​23,900 square feet. Babureddy Mareddy was the seller.

5. Rybak Development purchased an 8,800 square foot commercial building from James Biagi in 656 Lexington Avenue in Midtown for $ 24.4 million.

6. A 5,000 square foot commercial building in 1530 Third Avenue at Carnegie Hill on the Upper East Side sold for $ 21 million. Imperial Sterling, owner of the property since 1988, transferred the property to a limited liability company.

7. David Weiss purchased a 40,000 square foot mixed-use building from 84-42 Smedley Street to Briarwood for $ 20.3 million through Woodwise LLC. Jack Shaoul sold the Queens building, which has 45 residential units.

8. RWN management purchased a 9,350 square foot mixed-use building at 147 Grand Street in Soho for $ 16.1 million. Empire Capital Holdings https://empirecapitalholdings.com/ was the seller.

9. A subsidiary of Jamestown Properties purchased an 11,500 square foot mixed-use building from 801 Greenwich Street and a 5,900 square foot residential building in 803 Greenwich Street in the West Village for a total of $ 16.1 million. The seller was Mark Family Realty LLC.

10. Reda Holdings purchased a 12,600 square foot mixed-use building from 10 Fifth Avenue in Greenwich Village for $ 15 million. Benchmark Real Estate Group sold the property. Michael Ferrara of Brax Realty negotiated the sale.

11. Phillips International sold a 34,900 square foot commercial condo to 30, rue du recteur in the Financial District for $ 15 million. Zalman Goldman, through MZ Rector LLC, was the purchaser.

Outside of town, Rockefeller Group bought two plots in Woodbury, Long Island, for a total of $ 21.25 million. RXR sold 1 Media Crossway for $ 10.25 million and E&M Ice Cream sold 200 Crossways Park Drive West for $ 11 million. Joseph Barretta and John Dileonardo of Metro Net Realty negotiated the sale.

Rockefeller plans to build a 150,000 square foot last mile distribution center at the sites, which span nearly nine acres near the Long Island Expressway.


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