Predictions that rising interest rates and the specter of an economic downturn would slow the city’s investment sales market appear to be coming to fruition.
Just two transactions involving commercial properties valued between $10 million and $40 million hit city records last week, the first full week of dealmaking in September. Both were in Brooklyn.
1. Entities tied to Arch Companies bought a development site at 1633 East 16th Street in Midwood, Brooklyn, for $22.3 million from an entity connected to retail developer AB Capstone. The 23,000-square-foot lot, where AB Capstone was developing a four-story retail building, last sold in 2019 for $8.5 million.
2. An affiliate of Corner Street Capital bought an apartment building at 99 North 4th Street in Williamsburg for $12 million from an entity tied to developer Joel Schwartz. Built in 2019, the 6,500-square-foot, four-story property has eight residential units.
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