Top 5 NYC Industrial Building Sales—February 2022

Source: PropertyShark, a Yardi Systems Inc. company

1. 2325 Hollers Ave., Bronx
   Sale Price: $48,200,000

Cayre Equities sold the 100,279-square-foot warehouse in Eastchester to Brookfield Properties. The buyer secured a $31 million acquisition loan originated by Wells Fargo Bank. The 2017-built self-storage, formerly a Treasure Island Storage was rebranded as Life Storage. According to its website the four-story storage offers climate controlled units as well as drive-up storage options and 24/7 surveillance.

2. 87-40 121st St., Queens
   Sale Price: $46,500,000

87-40 121st St. Image via Google Street View

Brookfield Properties also picked up this 82,953-square-foot self-storage in Richmond Hill from Urban Storage Fund. Wells Fargo Bank facilitated this purchase with a $22.2 million loan. The industrial building was originally built in 1930 but was converted to self-storage use in 2016. The adaptive reuse process involved the total renovation of the existing structure and the addition of five stories.

3. 48-02 48th Ave., Queens
   Sale Price: $41,700,000

Empire Office sold the 112,577-square-foot property along with 48-15 50th Ave. totaling 13,956 square feet on a combined 2.5 acres. East End Capital acquired the industrial complex with the help of Meridian Capital Group as well as a $34 million loan. The two-building three-story distribution center includes a parking lot totaling 10,500 square feet and recently underwent a $2 million capital improvements plan.

4. 42-61 24th St., Queens
   Sale Price: $40,100,000

AB Marbec Realty Corp. sold the warehouse totaling 76,000 square feet in Long Island City to an entity affiliated with United Construction & Development Group. Bank of China provided a $23 million acquisition loan. According to the New York Yimby, permits have already been filed to demolish the existing structure and to build a six-story mixed-use development with 43 residential units and commercial space totaling 7,146 square feet.

5. 360 Kingsland Ave., Brooklyn
   Sale Price: $30,000,000

Sitex Group acquired the 77,160-square-foot site in Greenpoint through a deal arranged by locally based TerraCRG. The industrial site houses an 8,000-square-foot warehouse completed in 1976 and offers an additional 146,604-square-foot buildable square footage. The property last traded in late 2011 for a fraction of the current price, $3.3 million.