News Summary
The Sofia family has sold multiple industrial properties in New York City, totaling $100 million, as part of a financial restructuring amid a bankruptcy filing. Notable transactions include the sale of storage facilities on Amsterdam Ave., Bergen St., and Broadway, along with a site in Tribeca destined for luxury conversion. The buyers are Storage Post and a joint venture that plans to convert a property into condos. These sales highlight the changing landscape of New York’s real estate market and the ongoing demand for industrial spaces.
New York City – The Sofia family has sold several industrial properties across New York City for a total of $100 million amid financial difficulties, including a pending bankruptcy protection petition. The sale comprises storage facilities located in strategic areas of the city, signifying the family’s financial restructuring following internal disputes and the passing of a family member.
The properties sold include:
- 475 Amsterdam Ave. on the Upper West Side for $60 million.
- 491 Bergen St. in Prospect Heights for $30 million.
- 4396 Broadway in Washington Heights for $10 million.
The buyer for these properties is Storage Post, a self-storage company that plans to maintain them as storage sites. The acquisition aligns with Storage Post’s strategy to expand its portfolio within New York City’s competitive real estate market.
In a related transaction, the Sofia family also sold a storage site at 139 Franklin St. in Tribeca to a joint venture consisting of Broad Street Development and TPG Angelo Gordon for $43.5 million. This site will be converted into a luxury condominium building, reflecting a trend of transforming older industrial spaces into upscale residential units.
The 475 Amsterdam Ave. site is notable for being the largest of the three properties sold, featuring an 11-story building encompassing approximately 100,000 square feet. The Bergen St. facility stands at 9 stories and covers about 74,000 square feet, while the Washington Heights property consists of a 7-story structure offering roughly 37,000 square feet.
The sales were facilitated by representatives from JLL, including Brendan Maddigan, Ethan Stanton, Hall Oster, and Vickram Jambu. Each transaction was handled by Sofia Bros., a firm based in Scarsdale, with Amy Sofia serving as Vice President and overseeing the deed signings.
The Sofia family’s recent property sales are seen as part of a broader financial strategy, linked to a bankruptcy protection petition they filed in January. The bankruptcy filing, which included the four properties sold to Storage Post as well as those sold to Broad Street and TPG, occurred amid familial disputes following the death of a key family member.
As of the latest information available, it remains unclear if the Sofia family retains other properties in the city. However, industrial properties in New York City have shown resilience through economic challenges associated with the pandemic. According to recent data from Cushman & Wakefield, the sector has experienced healthy leasing activity with a declining vacancy rate.
The average asking rent for industrial spaces has risen to $28.93 per square foot, reflecting increasing demand. Leasing activity in the outer boroughs alone reached 1 million square feet during the second quarter of this year, underscoring a robust recovery and growth in the industrial real estate sector.
The recent transactions by the Sofia family illustrate the ongoing evolution of New York’s urban landscape, where industrial properties are being repurposed and sold to meet market demands amidst the complexities of family financial matters.
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Additional Resources
- Crain’s New York
- Wikipedia: New York City Real Estate
- Forbes
- Google Search: New York City real estate
- New York Post
- Google Scholar: New York City industrial properties
- Business Wire
- Encyclopedia Britannica: New York City real estate
