Google sales

Brookfield pays $24 million for Queens warehouse

Brian Kingston of Brookfield (Brookfield, Brookfield Asset Management, Public Domain, via Wikimedia Commons, Google Maps, iStock, illustration by Kevin Cifuentes for The Real Deal)

A springtime slowdown in mid-market investment sales continued into May, with just three deals hitting record highs in New York last week for commercial properties trading between $10 million and $40 million, including two in the Queens.

The most notable of these was Brookfield Property Partners which expanded its industrial portfolio. A limited liability company linked to the asset manager’s commercial real estate arm has purchased a 24,000 square foot warehouse and adjacent parcel at 55-40 44th Street in Maspeth, Queens, for $24.7 million.

The seller was an entity related to commercial real estate company Green Street Group, according to PincusCo, which first reported the deal. The single-story warehouse last sold in 2006 for $4 million, records show.

Brookfield’s industrial portfolio includes hundreds of warehouses and distribution centers across the country, including an 85,000 square foot property leased to Amazon Fresh in Red Hook, Brooklyn, for which the company paid $45 million. dollars in November.

Elsewhere in town, the Los Angeles-based Harkham family bought a 127-unit building at 555 Edgecombe Avenue in Washington Heights for $26.8 million.

The Golson family, owners of the building for more than 50 years, put it on the market after the death of patriarch Matthew Golson last year. The family tried to sell the building for $65 million in 2017, according to marketing materials. It sold to the Harkhams for just over 40% of that.

The historic 13-story, 168,000-square-foot complex, built in 1916, was once home to Count Basie, Joe Louis, Paul Robeson and other famous Harlemites.

An entity related to Long Island-based Musso Properties has purchased a 78-unit apartment building at 110-20 73rd Road in Forest Hills, Queens, for $22 million. The seller was M&E Rubin LLC, another entity with an address in Long Island.

The six-story, 28,900 square foot building was constructed in 1937 on a 78,650 square foot lot. It last sold in 2014 for an undisclosed amount, records show.