Mixed-Use Brooklyn Asset Changes Hands for $12M
- May 16, 2018
Standard Tinsmith Supply has sold a mixed-use asset located in the Bushwick neighborhood of Brooklyn, N.Y. as a conversion opportunity, to CW Realty. The property traded for $11.5 million, in a deal brokered by Cushman & Wakefield.
Located at 333-335 Irving Ave., the asset comprises two tax lots, offering corner visibility and 400 feet of total street frontage. Tax Lot 4 encompasses a 12,500-square-foot, steel-enforced warehouse with 20-foot ceiling heights and additional mezzanine space. The 7,500-square-foot Tax Lot 6 is vacant and has transferred air rights from the other lot, offering 31,500 square feet of buildable space. The property offers a total of 44,000 buildable square feet.
The asset is situated in central Bushwick, near the Myrtle Avenue retail corridor, and is suitable for both retail and residential developments. The average retail rents in the area are around $40 per square foot, while residential rents reach $50 per square foot. Myrtle – Wyckoff Avenues Subway Station is within a three-minute walk of the site.
Director DJ Johnston of Cushman & Wakefield represented the seller, while Cheskie Weisz of CW Realty handled the deal on behalf of the buyer. Earlier this year, CW Realty closed on a $78 million construction loan for the development of another mixed-use property in Brooklyn.
“The composition between this seller and buyer represents a growing trend in Brooklyn, as end-users weigh the value of their properties against the business benefits of remaining in their current location,” said Johnston, in prepared remarks. “In prime development areas, the seller need not look more than one or two miles away to justify selling and moving to a newer, larger, more efficient space to operate their business.”
Image via Google Street View