Block of Brooklyn Industrial Buildings Sells for $6.6 M.
Al Barbarino Oct. 23, 2013, 7:45 a.m.
Brooklyn commercial real estate brokerage and advisory firm TerraCRG has closed on four industrial buildings in Brooklyn with a combined 45,900 square feet for $6.6 million.
The four buildings, at 632-644 Parkside Avenue, 148 Hinsdale Street, 893 Bergen Street and 479 Baltic Street, were sold in separate transactions, according to an announcement from the firm.
“The Brooklyn industrial market has continued to show strength as demand increases for creative uses, offices, and a new breed of light manufacturers,” said Dan Marks, VP of Industrial Sales and Leasing at TerraCRG, who represented one or both sides on each of the transactions, the buyer and seller of which were not disclosed.
High demand and low inventory has led “non-traditional industrial buyers” to transform such warehouses and loft buildings into office and studio space, he added, noting that these investors are “looking at industrial properties from a new perspective.”
The 18,000-square-foot 632-644 Parkside Avenue is located in Prospect-Lefferts Gardens neighborhood of Brooklyn and sold for $2.7 million. The 15,874-square-foot 148 Hinsdale Street in East New York sold for $1.35 Million. The 140,000-square-foot 893 Bergen Street in Crown Heights sold for $1.25 million And the 5,000-square-foot 479 Baltic Street in Gowanus sold for $1.3 million.
Last month TerraCRG has closed on the sale of two commercial units at the TOREN condominium at 150 Myrtle Avenue in Downtown Brooklyn for a combined $9 million. The Toren is an approximately 263,750-square-foot, 38-story luxury condominium tower located at in the Downtown Brooklyn neighborhood of Brooklyn, near CityPoint, the mixed-use development with approximately 1.5 million square feet of retail and a mixture of affordable and market-rate housing.