Brookfield’s $25M Queens warehouse deal tops another slow week for i-sales

Apartment buildings in Washington Heights and Forest Hills also found buyers

New York /
May.May 12, 2022 08:00 AM
Brookfield's Brian Kingston (Brookfield, Brookfield Asset Management, Public domain, via Wikimedia Commons, Google Maps, iStock, Illustration by Kevin Cifuentes for The Real Deal)

Brookfield’s Brian Kingston (Brookfield, Brookfield Asset Management, Public domain, via Wikimedia Commons, Google Maps, iStock, Illustration by Kevin Cifuentes for The Real Deal)

A spring slowdown in mid-market investment sales continued into May, with just three deals hitting New York City records last week for commercial properties trading between $10 million and $40 million, two of which were in Queens.

The most notable among them involved Brookfield Property Partners expanding its industrial portfolio. A limited liability company tied to the asset manager’s commercial real estate arm bought a 24,000-square-foot warehouse and adjacent parcel at 55-40 44th Street in Maspeth, Queens, for $24.7 million.

The seller was an entity connected to the commercial real estate firm Green Street Group, according to PincusCo, which first reported the deal. The single-floor warehouse last sold in 2006 for $4 million, records show.

Brookfield’s industrial portfolio includes hundreds of warehouses and distribution centers across the country, including an 85,000-square-foot property leased to Amazon Fresh in Red Hook, Brooklyn, for which the firm paid $45 million in November.

Elsewhere in the city, the Los Angeles-based Harkham family bought a 127-unit apartment building at 555 Edgecombe Avenue in Washington Heights for $26.8 million.

The Golson family, which had owned the building for more than 50 years, put it on the market after the death of patriarch Matthew Golson last year. The family attempted to sell the building for $65 million in 2017, according to marketing materials. It sold to the Harkhams for a little over 40 percent of that.

The landmarked 13-story, 168,000 square-foot complex, built in 1916, was once home to Count Basie, Joe Louis, Paul Robeson and other famed Harlemites.

An entity connected to Long Island-based Musso Properties bought a 78-unit apartment building at 110-20 73rd Road in the Forest Hills, Queens, for $22 million. The seller was M & E Rubin LLC, another entity with a Long Island address.

The six-story, 28,900 square-foot building was constructed in 1937 on a 78,650 square-foot lot. It last sold in 2014 for an undisclosed amount, records show.





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