The property at 46 Old Fulton Street in Brooklyn’s Fulton Ferry-Dumbo neighborhood sold yesterday for for $6.7 million, Commercial Observer has learned.
“The process was exaggerated due to the impeding loft law case, but the prime location called for a ton of interest in the property,” said TerraCRG’s Melissa Warren, one of the exclusive agents marketing the building. The property was put in contract in mid-July 2014.
In 2013, Commercial Observer reported that the four-story, 17,864-square-foot loft space was being marketed by TerraCRG. Other agents on the deal include Ofer Cohen, Dan Marks, Peter Matheos and Michael Hernandez. TerraCRG represented both the seller and the buyer. As the paper previously reported, the building included 42 feet of frontage.
The M2-1 zoned building was partially vacant (the ground floor and fourth floor vacant) with five tenants on the mid-floors that filed and eventually were granted loft law coverage.
The buyer was Special Corp LLC. The entity plans to go through the process to legally convert the upper floors to residential and will lease out the retail storefront. The Singer family of Brooklyn sold the building. Most of the owners are now out of state, which made management complicated.
The property is down the block from the newly-opened Shake Shack and directly across the street from the celebrated Brooklyn eatery Grimaldi’s Pizzeria.