Brooklyn claims 84% of city’s industrial sales volume

Two mammoth deals account for two-thirds of citywide total

Brooklyn Dominates NYC’s Industrial Property Market — DH Property Holdings's Dov Hertz (Adam Pincus, 640 Columbia, Bridge Industrial, Getty)

Bill Egbert

Research by

Matthew Elo

Jun 25, 2024, 8:00 AM

Kings County reigns over the city’s industrial property market, booking nearly 84 percent of overall sales volume over the past two years, an analysis by TRD Data found.

Five of the city’s top 10 industrial property sales for the period were in Brooklyn, including two mammoth deals which together accounted for 68 percent of the citywide volume.

The Real Deal scoured the city’s property records for all exclusively industrial transactions worth $100,000 or more over the two years up to June 7, 2024, finding 61 such sales totaling over $850 million.

More than $712 million of that spending was in Brooklyn, spread across 32 transactions.

Second-place Queens, by contrast, booked just under $85 million in volume in 19 deals, followed by the Bronx with $52 million across nine sales. Staten Island had one industrial sale, for $1.6 million. Manhattan didn’t have any purely industrial transactions worth $100,000 or more in the two years.

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Dov Hertz’s DH Property Holdings made the two biggest industrial sales in that period by far — both in Brooklyn. CBRE Investment Management snapped up the multi-story Amazon logistics facility at 640 Columbia Street in Red Hook for $332 million in July 2022, marking the city’s biggest industrial sale of the past two years.

Hertz’s followup to that blockbuster deal with the late 2023 sale of an industrial site at 75 20th Street on the Greenwood, Brooklyn, waterfront. FedEx paid $248 million for the unfinished site with plans to open a 246,000-square-foot distribution center there later this year, replacing its smaller facility in the same industrial campus.

There was a steep dropoff in price for the rest of the transactions. Titan Contracting sold a warehouse at 42-11 Ninth Street in Long Island City, Queens, to Terreno Realty for $23 million in early 2023 to claim third place.

A manufacturing building at 130 Third Street along Brooklyn’s Gowanus Canal fetched $19.5 million last year from shelter magnate David Levitan and is slated to become a 403-bed migrant shelter. (In 2010, it was on the market for half that amount.)

Rounding out the top five were two industrial buildings at 29-16 and 29-24 40th Avenue in Long Island City that sold for $19 million to SB Development in August 2022. The two warehouses, which span almost 29,000 square feet, will be demolished to make way for an 11-story mixed-use development with 103 residential units.

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