Self-storage company buys dev site from Home Depot

InSite’s deal for property in Maspeth led city’s mid-market investment sales

New York /
Apr.April 20, 2021 08:30 AM
135-25 Northern Boulevard and 300 West 30th Street (Google Maps, Studio C Architects)

135-25 Northern Boulevard and 300 West 30th Street (Google Maps, Studio C Architects)

A self-storage company bought a Queens development site from Home Depot and landed a construction loan for a planned complex there.

That purchase, along with a separate medical office building in Queens that a hotel firm bought, were the only mid-market investment sales recorded in the city last week. Mid-market deals are each between $10 million and $30 million.

The total added up to $29.25 million, below the prior week’s $46 million, which was spread across three deals.

Developers of a 16-story condo building in Chelsea also landed a $33 million construction loan last week.

Here are more details for the week ending April 16.

California-based self-storage firm InSite purchased a 31,500-square-foot parcel adjacent to 58-80 Borden Avenue in Maspeth for $18 million. The seller was Home Depot USA. Charles Brown signed for the buyer. InSite also secured a $25.8 million construction loan from Valley National Bank.

An affiliate of the McSam Hotel Group, limited liability company Main & Northern Partners, purchased a 28,700-square-foot medical office building from 135-25 Northern Boulevard in Flushing for $11.25 million. The seller was DW Commercial Real Estate. Ken Huang signed for the buyer. It was significantly less than the property’s $19 million purchase price in 2017.

Anthony Hu’s Eastern Star Development landed a $33 million construction loan for its 67,800-square-foot, mixed-use building at 300 West 30th Street in Chelsea. The lender is Cathay Bank. The development had nearly topped out in January, according to New York Yimby. It replaced the Riff Hotel, which Eastern Star purchased in 2018 for $27.5 million.





    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
    Jonathon Yormak,founder, managing principal, East End Capital; and map of 48-02 48th Avenue in Sunnyside Queens (East End Capital, Google Maps)
    East End Capital bets on Sunnyside industrial
    East End Capital bets on Sunnyside industrial
    99 Washington Street in Manhattan NYC (TripAdvisor)
    Troubled FiDi Holiday Inn asking $187M
    Troubled FiDi Holiday Inn asking $187M
    Clockwise: 138 Bruckner Boulevard in the Bronx, 305 East 61st Street, 161 Lexington Avenue and 539 West 54th Street (Google Maps)
    Dozen deals spell big week for Manhattan investment sales
    Dozen deals spell big week for Manhattan investment sales
    (iStock/Illustration by Kevin Rebong for The Real Deal)
    NYC investment sales hit multi-year peak to end 2021
    NYC investment sales hit multi-year peak to end 2021
    From left: Stephen Schwarzman, chairman, Blackstone; Barry Sternlicht, chief executive officer, Starwood Capital Group (Getty Images, Brookfield Asset Management/Illustration by Steven Dilakian for The Real Deal)
    Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
    Blackstone, Starwood to pay $1.5B for WoodSpring Suites properties
    A photo illustration of 51-53 East 73rd St, 300 De Witt Ave, 137 Bayard Street and 3044 Coney Island Ave (LoopNet, Rosewood Realty Group/Illustration by Steven Dilakian for The Real Deal)
    Ten mid-market investment sales to start your day
    Ten mid-market investment sales to start your day
    A photo illustration of the Rowan Condominium at 21-31 31st Street in Astoria, Queens (RockFarmer Properties, Lincoln Market)
    RockFarmer’s Queens condo property inks 20-year lease for grocery chain
    RockFarmer’s Queens condo property inks 20-year lease for grocery chain
    arrow_forward_ios

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

    Loading...