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

Entities tied to the financial giant acquired three self-storage properties in Brooklyn last week

235 Park Avenue and 308 West 133rd Street (Google Maps, iStock)
235 Park Avenue and 308 West 133rd Street (Google Maps, iStock)

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.

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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.

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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.