Brooklyn Dominates NYC’s Industrial Property Market – The Real Deal

2 minutes, 22 seconds Read

Kings County reigns over the city’s industrial property market, booking nearly 84 percent of overall sales volume over the past two years, an analysis by TRD Data found.

Five of the city’s top 10 industrial property sales for the period were in Brooklyn, including two mammoth deals which together accounted for 68 percent of the citywide volume.


Buy/sell, rent/lease residential &
commercials real estate properties.

The Real Deal scoured the city’s property records for all exclusively industrial transactions worth $100,000 or more over the two years up to June 7, 2024, finding 61 such sales totaling over $850 million.

More than $712 million of that spending was in Brooklyn, spread across 32 transactions.

Second-place Queens, by contrast, booked just under $85 million in volume in 19 deals, followed by the Bronx with $52 million across nine sales. Staten Island had one industrial sale, for $1.6 million. Manhattan didn’t have any purely industrial transactions worth $100,000 or more in the two years.

Subscribe to access the complete list of NYC industrial deals by borough!

Subscribe to TRD Data to unlock this content

Dov Hertz’s DH Property Holdings made the two biggest industrial sales in that period by far — both in Brooklyn. CBRE Investment Management snapped up the multi-story Amazon logistics facility at 640 Columbia Street in Red Hook for $332 million in July 2022, marking the city’s biggest industrial sale of the past two years. 

Hertz’s followup to that blockbuster deal with the late 2023 sale of an industrial site at 75 20th Street on the Greenwood, Brooklyn, waterfront. FedEx paid $248 million for the unfinished site with plans to open a 246,000-square-foot distribution center there later this year, replacing its smaller facility in the same industrial campus.

There was a steep dropoff in price for the rest of the transactions. Titan Contracting sold a warehouse at 42-11 Ninth Street in Long Island City, Queens, to Terreno Realty for $23 million in early 2023 to claim third place.

A manufacturing building at 130 Third Street along Brooklyn’s Gowanus Canal fetched $19.5 million last year from shelter magnate David Levitan and is slated to become a 403-bed migrant shelter. (In 2010, it was on the market for half that amount.)

Rounding out the top five were two industrial buildings at 29-16 and 29-24 40th Avenue in Long Island City that sold for $19 million to SB Development in August 2022. The two warehouses, which span almost 29,000 square feet, will be demolished to make way for an 11-story mixed-use development with 103 residential units.

Subscribe to access the complete list of Top 10 NYC Industrial Deals!

Subscribe to TRD Data to unlock this content

To access the full dataset underlying the rankings as well as key contact information, check out TRD Data, The Real Deal’s new data subscription platform. 

Read more

Dov Hertz, Bridge Sell Sunset Park Warehouse Site to FedEx

Commercial

New York

Dov Hertz, Bridge Industrial sell Brooklyn warehouse site for $248M  


DH Property Holdings's Dov Hertz, CBRE Investment Management’s Chuck Leitner and 640 Columbia Street (CBRE, 640 Columbia)

Commercial

New York

CBRE nears $330M deal for Amazon-leased warehouse in Red Hook


New York City to Limit New Last-Mile Delivery Centers

Development

New York

Don’t keep on truckin’: City to limit last-mile warehouses


This post was originally published on 3rd party site mentioned on the title of this site

Similar Posts

X
0
    0
    Your Interest
    Your Interest List is emptyReturn to Buying
    ×