Sean R. Kelly, Esq.
Ariel Property Advisors
NEW YORK, NY – February 14, 2024 – Queens recorded 483 investment sales transactions totaling $3.17 billion in 2023, reflecting a 25% decline in transaction volume and a 26% reduction in dollar volume compared to the prior year, as detailed in Ariel Property Advisors’ Queens 2023 Year-End Commercial Real Estate Trends report.
“Development dominated the investment sales market in Queens last year with close to $1 billion in sales,” said Sean Kelly, a Partner with Ariel Property Advisors. “The most noteworthy transaction was Beacon Wind Land's strategic $216 million purchase of 31-01 20th Avenue. The property will serve as a hub to connect a 1,230 megawatt wind project under construction in the Atlantic Ocean to the Con Ed electrical grid.”
The following is a summary of the performance of each asset class in Queens in 2023:
The full report is available here.
Ariel Property Advisors is a New York City-based commercial real estate services and advisory company with three main groups: investment sales, capital services and research. The Investment Sales Group covers all major commercial asset types throughout the NY metropolitan area, while the Capital Services Group provides clients nationwide with custom tailored financing. Finally, our Research team empowers our professionals and clients with timely market reports. More information is available at arielpa.nyc.
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