Industrial Takes Center Stage on Staten Island
In 2020, Staten Island was top of mind for industrial developers, Ariel Property Advisors says in its first-ever Staten Island Year-End Investment Sales Report. The borough has the most undeveloped land in New York City zoned for industrial development, and saw $322 million in investment sales dollar volume last year, approximately the same figure as 2019, a remarkable feat during the COVID-19 pandemic.
“Industrial continues to be an incredibly ascendant asset class across the boroughs—and Staten Island is no exception,” said John Higgins, director, investment sales at Ariel. “Staten Island is well-placed to ship to New York City and New Jersey, so we expect to see ongoing industrial property investment there.”
Outside of industrial development trades, there were also significant trades within the multifamily and commercial asset classes. While Staten Island’s dollar volume held up, transactions fell 39% compared to 2019.