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New York & Tri-State  + New York  + Industrial  |  February 6, 2024
BridgeCore gets $12M Henderson, CO refi for industrial project
Emily Fu
By: Emily Fu

NYC Industrial Sales Up 28% in 2nd Half ‘23

In the second half of 2023, the New York City industrial sales market saw 42 transactions totaling $583 million, according to AEBOV’s NYC Industrial Market Report. Despite a 28% increase from 2H22, year-over-year sales were still down significantly due to a higher interest rate environment.  

Brooklyn led with 16 transactions and over $360 million in volume in the second half of 2023, followed by Queens with 15 trades and the Bronx with 11. Owner-users, particularly in essential service industries, saw more opportunities due to reduced investor competition. Outdoor storage became increasingly sought after among owner-users, with 83% of industrial land deals purchased by them.  

Institutional investors acquired fewer deals, opting for older buildings with multiple tenants. Premiums were observed for buildings with specific attributes like ceiling heights and proximity to highways.

Connect Industrial Midwest 2024 will take place on March 5, 2024, at Joe’s Live in Rosemont, Illinois. Click here for more information and to register.

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Inside The Story

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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