And then there was one (mid-market i-sale)

Investment sales have dwindled, but Tribeca office building did trade hands last week

New York /
Apr.April 20, 2020 08:00 AM
177 Franklin Street (Credit: Google Maps)

177 Franklin Street (Credit: Google Maps)

There was just one mid-market investment sale in New York City last week — a slow period to be sure, but, technically speaking, infinitely busier than the week before.

April opened with no deals, the market’s first bankrupt week in months if not years.

The sole deal between $10 million and $30 million last week was for a six-story office building at 177 Franklin Street in Tribeca, which an LLC linked to Rosemont Solebury Capital purchased for $18 million from The Bedrock Building/New York City, a limited partnership based in Texas.

The property spans 12,100 square feet and contains seven units, according to city records. Shinola, a company that sells luxury goods including watches and jewelry, is a tenant in the building.

New York’s mid-market investment sales have, like everything else in real estate, been hurt by the coronavirus pandemic. However, the market had been somewhat slow even before the pandemic. Just one deal happened in late February.


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
Here’s what the $10M-$30M NYC investment sales market looked like last week
Brookfield 's Brian Kingston with 3333 Broadway (Brookfield Asset Management, Street Easy)
Brookfield eyes $400M for massive Harlem rental
Brookfield eyes $400M for massive Harlem rental
Regal Ventures’ Alexander Smith with 301 West 53rd Street (LinkedIn, Fifty Third and Eighth, Getty)
Regal Ventures picks up Midtown retail condo in strong week of i-sales
Regal Ventures picks up Midtown retail condo in strong week of i-sales
Tankhouse’s Sam Alison-Mayne with 452 Union Street (Facades Plus, Google Maps, Getty)
Multifamily deals dominate strong week of NYC i-sales
Multifamily deals dominate strong week of NYC i-sales
Clarion Partners CEO David Gilbert along with 44 Berry Street (left) and 139 N 10th St (right) in Williamsburg (Getty Images, Clarion Partners, Google Maps)
Clarion eyes $70M for Williamsburg loft apartments
Clarion eyes $70M for Williamsburg loft apartments
Arch Companies’ Jeffrey Simpson with 1633 East 16th Street (Arch Companies, Google Maps)
Just two mid-market investment sales closed in NYC last week
Just two mid-market investment sales closed in NYC last week
From left: Highpoint’s Partner Drew Popkin and Ross Banon with 99 North 4th Street (City Realty, LinkedIn)
Corner Street, Highpoint nab outer-borough portfolio for $167M
Corner Street, Highpoint nab outer-borough portfolio for $167M
(Photo Illustration by The Real Deal with Getty Images and Americasroof at English Wikipedia, CC BY-SA 3.0 - via Wikimedia Commons)
Chinese firms bailing on US commercial market
Chinese firms bailing on US commercial market
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...