Press Releases Archive
Sean R. Kelly, Esq.
Partner
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:
Development
Multifamily
Commercial
Industrial
The full report is available here.
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Ariel Property Advisors is a New York City-based commercial real estate services and advisory company offering expertise in three core areas: Investment Sales, Capital Services and Research & Advisory. Our Investment Sales Group specializes in all major commercial asset types throughout the New York metropolitan area, the Capital Services Group provides clients nationwide with custom-tailored financing solutions and the Research & Advisory team delivers timely market reports, empowering both our professionals and clients. Additionally, our recent strategic partnership with GREA (Global Real Estate Advisors), a nationwide network of independent real estate investment services companies, further expands our reach and capabilities. To learn more, please visit us at arielpa.nyc.