Normandy, Princeton sell Bushwick warehouse to Steel Equities for $53M

Developers had previously planed to convert the space into offices

TRD NEW YORK /
Dec.December 27, 2018 09:00 AM

Finn Wentworth of Normandy Real Estate Partners and 333 Johnson Avenue

Steel Equities – the Long Island-based investor that focuses on industrial and warehouse projects – picked up a Bushwick property for $53 million.

The Bethpage-based company bought the 161,000-square-foot warehouse at 333 Johnson Avenue from Normandy Real Estate Partners, Princeton Holdings and Royalton Capital, sources told The Real Deal.

Steel Equities, owned by Joseph and Glenn Lostritto will be looking for a new tenant for the property, which is vacant. Normandy and its partners in late 2017 signed a 100,000-square-foot lease for the United States Postal Service, which used it to make last-mile deliveries through the holiday season.

Representatives for Steel Equities and the sellers could not be immediately reached for comment. Pinnacle Realty’s David Junik and Decio Baio represented both sides in the transaction. The brokers declined to comment.

David Junik

Normandy and its partners bought the property for $26.8 million in 2015, with plans to convert it into office space. Brooklyn’s office market, however, started to cool off. And the impending L Train shutdown hasn’t helped matters. Normandy and its investment partners had put the property up for sale in 2016 with an asking price of $60 million.

In the meantime, logistics and warehouse space has come in high demand from companies looking to make deliveries for online purchases. UPS just paid $303 million to buy the huge Red Hook site where last year it signed a ground lease.

Steel Equities, meanwhile, continues its push into the logistics space. In Bethpage, the company wants to spend $51 million to build a warehouse for FedEx.


Related Articles

arrow_forward_ios
Clockwise from top left: 162 West 13th Street, 325 Avenue Y in Brooklyn, 1281 Viele Avenue in the Bronx (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

35 Jay Street and Edward Minskoff (Credit: Patrick McMullan/Patrick McMullan via Getty Images, Google Maps)

Edward J. Minskoff Equities buys Dumbo property for $62M

42-46 2nd Avenue (Credit: Google Maps)

LA real estate firm buys shuttered church site for $40M

The Gretsch at 60 Broadway in Williamsburg. (Credit: Douglas Elliman via StreetEasy)

Williamsburg pad hits market for almost $9M

1115 Broadway, RXR Realty's Scott Rechler, 2413 Third Avenue and 9 Bruckner Boulevard in the Bronx (Credit: Getty Images; Google Maps)

Flatiron office building leads New York’s mid-market investment sales

Feds looking to lease warehouses for coronavirus triage, testing centers

Feds looking to lease warehouses for coronavirus triage, testing centers

Clockwise from left: The Chrysler Building, The Putnam Portfolio, CBRE's Darcy Stacom, JLL's Andrew Scandalios, The Coca-Cola Building and Cushman & Wakefield's Doug Harmon

A tight hustle: TRD’s annual tally of the city’s biggest investment sales firms

Ample Hills Creamery co-founders Brian Smith and Jackie Cuscuna with Ample Hills Creamery Gowanus at 305 Nevins Street (Smith and Cuscuna by Ilya S. Savenok/Getty Images for NYCWFF; Google Maps)

Ample Hills Creamery files for bankruptcy

arrow_forward_ios
Loading...