Red Hook warehouses trade for $34M, topping midsize investment sales
Just 6 transactions for commercial properties valued between $10M and $40M closed last week
By: Pat Ralph
LBA’s Perry Schonfeld with 236 Richards Street and 118 Beard Street (LinkedIn, Google Maps)
Summer is ending and New York City is getting back to business, but commercial real estate investors seem to have missed the memo.
Dealmakers returned from Labor Day weekend to close just six transactions for mid-market commercial properties valued between $10 million and $40 million, records show, the same number of mid-market deals that hit the city register the week before.
Three of the deals were in Manhattan, two in Brooklyn and one in Queens. Below are details on each, ranked by dollar amount.
1. California-based LBA Realty bought a pair of Red Hook warehouses at 236 Richards Street and 118 Beard Street from Abraham Leser’s Leser Group for $34 million. The adjacent buildings combine for over 92,000 square feet and last sold for $11.6 million in 2008.
2. An entity connected to Goose Property Management bought a development site at 364 Livingston Street and 60 Flatbush Avenue in Downtown Brooklyn for $25.5 million from investors including ISJ Management and Samuel Jemal’s Jemstone Group. Goose filed plans to demolish the two apartment buildings and retail space on the parcel, Commercial Observer reported. The properties are zoned for commercial and residential development, and Goose can build up to 188,000 square feet.
3. An entity connected to Barone Management bought a school building at 45-20 83rd Street and a neighboring development site at 80-52 47th Avenue in Elmhurst, Queens, for $22 million. Joseph Cronin and Catherine Phyllis Cronin signed for the seller, an LLC.
The four-story, 67,000-square-foot 83rd Street property is home to a newly completed school building leased to The Renaissance Charter School II. Barone has plans to build a 163-unit, nine-story apartment building on the 47th Avenue site. The firm landed $68 million in financing for the project from Metropolitan Commercial Bank and Columbia Pacific Advisors, Commercial Observer reported.
4. Marist College sold a pair of office condos at 420 Fifth Avenue in Midtown for $16.3 million to an entity tied to the nonprofit Urban Home Owner Corporation. Marist bought the space in the 30-story, 600,000-square-foot tower for $18 million in 2018.
5. An entity tied to Global Community Charter School bought the building that houses the Early Life Children’s Center at 218 West 147th Street in Harlem for $14.6 million from an entity tied to Edge Property Group. Built in 1973, the two-floor property spans 23,000 square feet. It last sold for $8.1 million in 2019.
6. The Gillen Brewer School bought four commercial units at 410 East 92nd Street on the Upper East Side for $12.9 million from the nonprofit Spence-Chapin Services to Families and Children. The 15-story, 124,000-square-foot building is also home to a Courtyard Marriott.