In a quiet week for New York City mid-market investment sales, the top-selling commercial property was an office building despite the slowdown in deals involving the asset class.
Three transactions involving commercial properties valued between $10 million and $40 million hit city records last week. One deal each occurred in Manhattan, Brooklyn and Queens. Below is more information on each sale, ranked by dollar figure amount.
- An entity connected to Bridge Investment Group bought an office building at 355 West Broadway in Soho for $16.5 million from an entity tied to Quality Capital USA. The five-floor, 6,700-square-foot building was constructed in 1880 and was last sold in 2014 for $9.9 million.
- An entity tied to Slate Property Group bought a development site at 224 Third Avenue in Gowanus for $12 million from Abatemarco Realty Corporation. The property is a single-floor, 8,500-square-foot auto body shop that was last sold in 1993 for an undisclosed amount.
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- An entity connected to Forest Hills Property Group bought a retail building at 70-20 Austin Street in Forest Hills for $12 million from an entity tied to Leebar Management. The two-floor, 32,000-square-foot property was built in 1962 and was last sold in 1974 for an undisclosed amount.