The biggest Brooklyn sales tend to be glamorous real estate that hovers somewhere around the one billion dollar average. However, the second quarter of this year has been a little different. This is partially due to the six hundred million dollar sale of Dumbo Heights in the first quarter. Another large chunk of that responsibility is partitioned to the unpublished sale amount of 109 Montogomery Street. Between these two factors, it can be a challenge to accurately place the second quarter earnings this year and what that marks for the market and its trends.
CitiStorage, $160 million
This quarter of a million square foot property in Williamsburg sold in April and was touted to be the largest Brooklyn price tag, by a mile. A four alarm fire in 2015 previously made this giant of the biggest Brooklyn sales a headline. There were no deaths in the event, but it did cause some back and forth in the negotiations for sale between the sellers and the city.
Jehovah’s Witnesses, $87.5 million
Clipper Equity made its first action as a publicly traded company the acquisition of 107 Columbia Heights. With intentions of turning the public locations into apartments and renovating the property that was already allocated for rental.
633 Fulton Street, $68 million
The May sale of this thirty-six thousand square foot building was a facet of a deal for a skyscraper downtown and its expansion. Rabsky Group had intended to build a thirty-six-floor structure for offices. The plans had allotted for six hundred and eighteen thousand square feet. But, the seven hundred and seventy thousand square feet at 633 Fulton Street seemed like a better deal.
109 Montgomery Street, unpublished amount
Though the actual sale price of this deal has not been disclosed, Real Capital Analytics has placed it as one of the top ten biggest Brooklyn sales. While CIM group paid a mystery amount for the one hundred and seventy-three unit building, this twelve story deal left LIVWORK with a retained stake in the structure.
61 North 11th Street, $35.5 million
This forty-two thousand square foot property was purchased solely for the purpose of demolishing it and redevloping it. The May purchase will become five hundred and seventy-five thousand square feet of affordable housing, thanks to CW Realty.
70 Dahill Road, $33 million
When Di Maggio bought this building, it wasn’t much of a surprise to Brooklyn. They already own multiple properties in the area and this rent-stabilized purchase is just another addition to that staple. At a little over one hundred and forty-nine thouseand square feet, this one hundred and twenty-two unit Kensington building is a rental that was purchased in June.
722 Metropolitan Avenue, approximately $23.3 million
The plans for this warehouse in Williamsburg include a residentail overhaul that would provide sixty-nine condominiums. It would appear that the thirty-four thousand and five hundred square feet of space and seventy thousand square feet of development rights weren’t enough. SL Development has expressed plans to add four stories to the structure and place retail locations on the ground floor.
218 South 3rd Street, $23 million
After having only held the real estate for three years, BCB Property Management decided to let it go. The building that was sold for twleve point eight million dollars in 2014 was Millennium Venture Capital’s first purchase in New York City, at twenty three million dollars. With six stories and forty-one units, the Williamsburg property is number eight on the list of biggest Brooklyn sales in the second quarter.
380 Lefferts Avenue, $20 million
Built in 2009, this building was purchased by Marcal Group in 2014 for six million dollars. They let go of this seven story structure for twenty million dollars. The forty-six units sold in May to Joseph Weiss.
148 Green Street, $18 million
Constructed in 1931, the seventeen thousand and two hundred square feet of space sold to Green Art in June. The stwo story warehouse belonged to South China Import before the eighteen million dollar deal took place.
Find Your Own Biggest Brooklyn Sales
You can read more about these deals and the properties here. However, these aren’t the only deals in Brooklyn. The area is very much a blank canvas for the taking, which makes it a very popular choice; as well as a hot commodity. You don’t want to sit around and wait for something to fall into your lap. There is something for everyone, you just have to know where to look to find the deal. You will want to start with a good real eastate agent, who knows the ins and outs of the area. You can start here. They will have recommendations based on what you’re looking for and the price range you want to maintain. Finding someone you trust to represent you and communicate with you is key. You’ll have a lot of questions and they’ll need to have the answers!