Brookfield’s $90M self-storage spree leads NYC investment sales

Self-storage properties in New York City’s outer boroughs are having a moment.

The same week that Adam Gordon’s Wildflower sold a self-storage facility it built in the South Bronx for $65 million, entities connected to Brookfield Asset Management plunked down a combined $90 million for three properties in Brooklyn, each of which generated a significant return for their respective sellers.

Elsewhere, lender Arena Investors bought a 46-unit condo building out of bankruptcy in Harlem and an Israeli tourism company bought a hotel in Long Island City.

Ten mid-market deals recorded last week fetched a total of $225 million. Manhattan and Brooklyn each had four deals, while Queens had two.

Below are more details on investment sales between $10 million and $40 million from the first week of March:

Brookfield Property Group bought a 67,000-square-foot self-storage building at 235 Park Avenue  in Clinton Hill, Brooklyn, for $32 million. Maddd Equities , Joy Construction and Cayre Equities sold the four-story building, also known as 45 Clinton Avenue, which they bought in 2018 for about $27 million.

Meanwhile, Brookfield Property’s parent company, Brookfield Asset Management, bought a 105,000-square-foot storage building at 300 Sheffield Avenue in East New York, Brooklyn, for $31.4 million. An affiliate of Heitman Capital Management sold the property, which it bought in 2015 for $10.3 million.

Finally, Brookfield Property Group also bought a 79,000-square-foot self-storage building at 1654 Bushwick Avenue in Bushwick, Brooklyn, for $26.6 million. The seller was an affiliate of Cayre Equities, which bought the land on which the building now stands for $4.5 million in 2016.

Beyond the self-storage market, Xinhua Gan — through limited liability company Guanghuiny — bought 12,880 square feet of retail space at 142-26 and 142-38 Roosevelt Avenue in Flushing, Queens, for $23 million. Kevin Yu signed for the sellers.

Arena Investors bought a 46-unit condo building out of bankruptcy at 308 West 133rd Street in Central Harlem for $22 million. Levi Balkany’s Happy Living Development defaulted on a $26 million loan from Arena in December 2020, after construction delays caused buyers to back out of their contracts, The Real Deal reported at the time.

Read more

New York

Multifamily assets power another strong week for investment sales

New York

Investment sales bustle in trendy Soho, Brooklyn neighborhoods

A subsidiary of Israeli-based tourism company Issta bought a 28,350-square-foot hotel at 39-35 27th Street in Long Island City, Queens, for $19.7 million. Gal Sela’s Sela Group sold the property, which it bought in 2019 as a development site from Steven Baharestani for $9.1 million.

Tremada Properties, an affiliate of London-based William Pears Group, bought 47 condo units at Kips Bay Towers, located at 300 East 33rd Street, for $19.4 million. Heller Realty was the seller.

Homelessness nonprofit Project Renewal bought a development site at 537 West 59th Street on the Upper West Side for $19.3 million. Media production company Manhattan Neighborhood Network sold the property, which will become a 51,300-square-foot women’s shelter.

Sherr Equities bought a 20,500-square-foot office building at 412 Broadway  in Tribeca for $16 million. Lucile Jarvis was the seller, through Petbar Realty Co.

Simkho Aranbayev bought an 85,000-square-foot parcel at 933 Wortman Avenue and 965 Pennsylvania Avenue  in New Lots, Brooklyn, for $15.8 million. Greg Feldman was the seller, through MBM Associates.