Brooklyn real estate lags in third quarter
The third quarter for Brooklyn real estate showed a significant slowdown. The top 10 sales this quarter added up to just under $593 million, The Real Deal reported, miles behind the second quarter’s whopping $1.4 billion — most of that due to the epic $905 million sale of Starrett City, the 46-building housing complex in East New York.
The biggest sale this quarter was 90 Sands St., the DUMBO property formerly owned by the Jehovah’s Witnesses. Breaking Ground bought the building from LIVWRK and RFR for $170 million, putting the two real estate firm’s plans to build a 600-room hotel on the site to rest.
The Greenpoint petroleum facility at 25 Paidge Ave. sold for $62 million in a deal between Two Trees Management (the buyer) and Zenith Energy Terminals. Two Trees leased the building back to Zenith, according to The Real Deal, on a 25-year ground lease. This deal was the second largest this past quarter.
This past quarter ended with the lowest total revenue of the past four quarters, The Real Deal said. The first quarter this year showed deals worth a sum of roughly $802 million and the final quarter of last year ended with about $831.5 overall.
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