East Williamsburg warehouse fetches $28M
Two deals closed between $10M and $30M last week
The industrial market is one of the few sectors to see activity jump in recent months.
In the third quarter, industrial tenants signed on for 1.6 million square feet of space across New York City, a 71 percent year-over-year jump.
So for those who own warehouse and logistics facilities in the five boroughs, now may seem like a good time to transact. Last week, a warehouse in East Williamsburg sold for $28 million — one of two mid-market investment sales that closed in New York City last week.
Below are the details of commercial property trades between $10 million and $30 million for the week ending Nov. 6.
1. Maryland-based Realterm Logistics picked up a 50,500-square-foot warehouse at 235 Gardner Avenue in East Williamsburg at $28 million, acting through limited liability corporation Rlif East 4. The five-story industrial property will be used as a last-mile delivery facility, has 23 truck bay doors and is fully leased, according to Realterm. Manya Operating Corporation, based in Rockland County, is the seller, according to property records.
2. Limited liability company HF Washington purchased a 14,040-square-foot education center at 554 Fort Washington Avenue in Washington Heights at $12 million. The seller, according to property records, is Birch Family Services, a nonprofit organization serving children with autism and developmental disabilities. Howard Hershkovich signed the sales documents as the buyer.