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Nap Industries’ Williamsburg warehouses sale tops mid-market deals

Industrial, retail, multifamily, commercial and development properties change hands

667 Kent Avenue and 25 Hooper Street in Williamsburg (Google Maps, Getty)
667 Kent Avenue and 25 Hooper Street in Williamsburg (Google Maps, Getty)

Mid-market investment sales remained steady last week as a variety of asset classes traded in Manhattan and Brooklyn last week.

Five transactions involving commercial properties valued between $10 million and $40 million hit city records. Three were in Brooklyn and two were in Manhattan. Below is more information on each deal, ranked by dollar amount.

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  1. Packaging manufacturer Nap Industries sold a pair of adjacent industrial buildings at 667 Kent Avenue and 25 Hooper Street in Williamsburg for $32 million to Kent Ave Property LLC. Chaim Sholam Sternhill signed for the buyer. The single-floor warehouses span roughly 60,000 square feet and last traded hands in 1972 and 1998 for undisclosed amounts.
  2. An entity connected to LNR Partners, the special servicing arm of Barry Sternlicht’s Miami-based Starwood Property Trust, bought the retail property at 470 Broadway in Soho for $25.4 million from an entity tied to Thor Equities. Joe Sitt’s firm unloaded the 6,600-square-foot building “in lieu of foreclosure” after it faced foreclosure last year. Thor acquired it in 2007 for $15.5 million, but reportedly owed more than that at the time of sale.

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  1. An entity connected to Quinlan Development Group bought a development site at 376 Fourth Avenue in Gowanus for $24 million from an entity tied to Susan Rattner. Quinlan plans a 197-unit, 17-story mixed-use project of 207,000 square feet on the site. The project is slated for completion a year from now. The site, an 18,000-square-foot taxi business, was last sold in 2012 for $7 million.
  2. Entities tied to Meadow Partners bought a pair of apartment buildings at 77-83 Roebling Street and 65-75 Roebling Street in Williamsburg for $17.5 million from Lido Knitting Mills. The three-floor, pre-war buildings have 58 units and total almost 66,000 square feet. Both were last sold in 1982 for an undisclosed amount.
  3. The former Turtle Bay Music School sold a pair of commercial condo units at 345 East 37th Street in Murray Hill for $12 million to Corinthian Office 3 LLC. The sale was between relatives or former relatives, according to the deed. The school bought the two commercial condo units for $14.2 million in 2018.
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Commercial Real EstateGowanusInvestment SalesMurray HillSoho