Sales Beat

Vacant Brownsville Building Sells to Towing Company for Scofflaw Storage

507 Osborn Street.

Knight’s Collision Experts, a Brooklyn-based towing company, has bought a new facility in Brownsville for $6.4 million, brokers told Commercial Observer.

The company, which tows ticket scofflaws for the city, plans to use the 44,700-square-foot 507 Osborn Street between Newport Street and Lott Avenue as a parking facility for cars it’s taken, said Chris Halliburton of Halstead Properties. After it sat on the market for more than a year, the property—formerly a box factory—sold for $1.5 million more than its original asking price. Read More

Finance

Sorting House Construction Underway With $25M From Pacific West Bank

A rendering of The Sorting House.

The Sorting House, a 30-unit condominium project underway atop a post office in Hell’s Kitchen, received $24.7 million in construction funds, a representative for the developer told Commercial Observer.

The loan for the development, at 318 West 52nd Street, was provided by CapitalSource, the commercial lending arm of Pacific West Bank, according to the representative. Ackman-Ziff brokered the deal. Read More

On the Market

Bushwick, Brooklyn’s 260 Meserole Street: The Next Electric Circus?

260 Meserole Street

Halstead Property is exclusively marketing 260 Meserole Street in Bushwick, Brooklyn, which is attracting music and beer lovers from throughout the borough; and at least one broker is dubbing it the “Electric Circus of Bushwick.”

The 19th century warehouse has been transformed into the largest community for musicians in New York City, also featuring its largest beer hall, brokers at Halstead said.

The 72,000-square-foot, 5-story  redbrick building, built in 1858, is home to The Well, a 15,000-square-foot brewery; The Wick, an 8,000-square-foot performance space; Bushwick Supply, which sells music supplies; vacant spaces to be filled by a pizzeria and possibly a hostel or boutique hotel; and a number of music studios by Danbro Studios. Read More

Lease Beat

Kirkland West Moves to 263 West 38th Street

Kirkland West, LLC has signed a lease in Handler Real Estate Organization’s 263 West 38th Street.

The executive search firm will be taking a 4,800 square foot unit on the eighth floor in the 170,000 square foot building.

“They very much liked the efficient layout of the actual space,” said Scott Galin, a principal at Handler Real Estate Read More