Top Ten Q2 Brooklyn Real Estate Sales Exceed $400M
Real Capital Analytics, a firm that tracks commercial real estate transactions around the world, has tallied up the top ten real estate transactions in Brooklyn for the second quarter of 2017 (April 1 to June 30). Brooklyn sales for this period total up to approximately $468.3 million, The Real Deal reports, with warehouses in Williamsburg proving to be hot sellers.
The top ten list includes five residential sales, one office sale, and four industrial property sales, The Real Deal says.
The top seller is not a super-posh, luxury residence but one of three Williamsburg warehouses that made it to the list. The 258,400-square-foot CitiStorage building located at 5 North 11th Street sold to the City of New York in April for $160 million.
The lone office sale on the list took the number four spot. 109 Montgomery Street in Crown Heights was sold to CIM Group by LIVWRK for an unpublished sum, but the number crunchers at Real Capital Analytics believe the sale “is likely still in the top 10 Brooklyn deals,” according to The Real Deal.
The five top residential sales in Brooklyn for Q2 include:
Number two on the list—the 11-story Jehovah’s Witnesses building at 107 Columbia Heights in Brooklyn Heights which sold to Clipper Equity for $87.5 million. Clipper Equity plans to renovate the building and add more rental units.
633 Fulton Street in Fort Greene comes in third on the list, selling for $68 million. The purchase of this 36,000-square-foot property enables the buyer, the Rabsky Group, to expand its 36-story office tower project by more than 150,000 square feet.
Coming in at number six on the list is 70 Dahill Road in Kensington. The six-story, 122-unit, rent-stabilized building was purchased by DiMaggio Realty in June for $33 million.
The 41-unit, six-story 218 South 3rd Street in Williamsburg made it to number eight on the list, selling to Millennium Venture Capital for $23 million.
Rounding up the residential properties on the list at number nine is the 46-unit, seven-story 380 Lefferts Avenue in Prospect Lefferts Gardens which sold in May for $20 million.
Joining CitiStorage, the top industrial real estate sales in Brooklyn for Q2 include:
61 North 11th Street in Williamsburg at number five, selling in May for $35.5 million. The buyer, CW Realty, plans to tear down the 42,000-square-foot property and redevelop it. The new structure can expand up to 575,000 square feet if CW Realty includes affordable housing units in the project, according to The Real Deal.
Another Williamsburg warehouse comes in at number seven on the list. 722 Metropolitan Avenue was purchased by SL Development for approximately $23.3 million with plans to convert the 34,500-square-foot building into 69 condo units with an additional four stories on top.
Rounding up the industrial sales as well as the list is the 17,200-square-foot South China Import facility located at 148 Green Street in Greenpoint. The tenth top sale in Brooklyn for Q2, the property sold in June to Green Art Holdings for $18 million.