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

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

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.

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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.