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Sandro Rosell
FC Barcelona President
Tuesday, October 24, 2017

The highly anticipated list of Brooklyn’s top real estate sales for the second quarter of 2017 is ready.  In the first quarter of 2017, there was $1 billion worth of real estate deals traded in Brooklyn. The second quarter was not quite as impressive, but a bulk of the variance was due to last quarter’s hefty $600 million purchase of a Dumbo Heights portfolio. Further, the sale of 109 Montgomery street on this quarter’s list has no price listed. Overall, residential sales dominate the list, accounting for the top 5 spots. The total value of the second quarter’s top 10 sales was approximately $468.3 million. The top 10 spots from April 1 to June 30, was compiled by The Real Deal with data from Real Capital Analytics.

The biggest Brooklyn sale is CitiStorage for $160 million, purchased by the City of NY. This Williamsburg 258,400-square-foot storage facility was badly damaged in a 2015 fire. The city spent months haggling down the price before purchasing.

Second on the list is an 11-story Brooklyn Heights building at 107 Columbia Heights. Clipper Equity purchased the building for $87.5 million from a Jehovah’s witness. Plans have been made to renovate the rental building and convert its public spaces into additional apartments. 

The third largest deal is downtown at 633 Fulton Street . Rabsky Group purchased the 36,000-square-foot property for $68 million adjacent to another of their properties, with plans to combine the lots to build a colossal skyscraper.

The next spot is the 12-story Crown Heights building on Montgomery street with 173 units. CIM Group purchased it from LIVWRK but the price has not been published.

The fifth top ranking sale is the $35.5 million sale of the industrial property on 61 North 11th Street. Buyer CW Realty will demolish the building and plans to develop up to 575,000 square feet of housing units.

Sixth is DiMaggio Realty’s purchase of 70 Dahill Road for $33 million. The six-story, 122-unit Kensington property is rent-stabilized.

Next is the $23.3 million purchase of 722 Metropolitan Avenue in Williamsburg. Purchaser SL Development plans to convert and expand this warehouse into a 69 residential condominiums, with retail space on the street level.

Eighth is Millennium Venture Capital’s purchase of 218 South 3rd Street for $23 million. The Williamsburg building is six stories and contains 41 units.

The ninth most notable purchase is the $20 million purchase of 380 Lefferts Avenue by Joseph Weiss. The seven-story building has 46 units and was built in 2009.

Last to make the second quarter’s top 10 list is the $18 million purchase of 148 Green Street by Green Art Holdings. This two-story warehouse spans 17,200 square feet.

By:  Benyamin Davidsons