Brookfield Properties pays $46.5M to Urban Storage Fund for storage in Richmond Hill

Brookfield Properties through the entity Oe 87-40 121 St LLC paid $46.5 million to Urban Storage Fund through the entity Urban-Sers Richmond Hill, LLC for industrial building at 87-40 121st Street in Richmond Hill, Queens.
The deal closed on January 27, 2022 and was recorded on February 15, 2022.
The property has 82,953 square feet of built space and 25,882 square feet of additional air rights for a total buildable of 108,750 square feet according to PincusCo analysis of city data. The sale price per built square foot is $560 and the price per buildable square foot is $427 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on March 19, 2015, for $2.7 million.
The signatory for Urban Storage Fund was Robert E. Poole. The signatory for Brookfield Properties was David Cohen.
Prior to this transaction, the buyer Brookfield Properties purchased 18 properties in 13 transactions for a total of $918.3 million and sold three properties in two transactions for a total of $249 million over the past 24 months.
The seller Urban Storage Fund had not purchased any other properties and had not sold any properties over the same time period.
(421064920)The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on April 25, 2018.
Robert E. Poole is a managing partner of Urban Storage Fund.
In Richmond Hill, the majority, or 51 percent of the 14 million square feet of built space are 1-4 family buildings, with industrial buildings next occupying 12 percent of the space. In sales, Richmond Hill has the 39th highest sale turnover among other neighborhoods in Queens with $16 million in sales volume in the last two years. For development, Richmond Hill has had very little major development activity relative to other neighborhoods.It had 177,095 square feet of commercial and multi-family construction under development in the last two years, which represents 1 percent of the neighborhood’s built space.
On the tax block, the majority, or 98 percent of the 317,404 square feet of built space are industrial buildings, with 1-4 family buildings next occupying 2 percent of the space.
Within a 400-foot radius of 87-40 121st Street, Pincusco identified three commercial real estate items of interests occurred over the past 24 months.
Of those three items, one was in new building development. It was a new building permit issued on March 24, 2020 for a 125,258-square-foot S-1 building at 87-16 121st Street.
Of those three items, two were loans above $5 million totaling $40.2 million. The most recent of the two was Rodolfo Fuertes which borrowed $6.4 million from People’s United Bank secured by the 26,978-square-foot, two-unit retail building (K1) on 87-25 Lefferts Boulevard and one other property on January 12, 2021.

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