Joint Venture Puts Down $47M for Two Sunset Park Warehouses
ASB Real Estate Investments and 60 Guilders have formed a joint venture to acquire two warehouses totaling 209,000 square feet in Sunset Park, Brooklyn, for $47 million, ASB announced today.
The assemblage includes a three-story, 202,559-square-foot building at 5112 2nd Avenue between 51st and 52nd Streets and an unnamed single-story, 7,220-square-foot annex. In addition, there is a 21,000-square-foot parking lot. According to property records the building at 5112 2nd Avenue sold in September 2006 for $15 million to a 15 Garnet Street, LLC, which is run by Benjamin Rusi. Rusi could not be reached for comment.
“The acquisition represents an excellent, cash-flowing infill investment, which will benefit from decreasing supply and increasing demand for well-located, accessible industrial buildings within New York City,” Brodie Ruland, ASB senior vice president and head of the northeast region, said in a prepared statement. “For a long-term hold, the area may offer future opportunity for conversion to office or multifamily uses.”
The building is a long term investment for the joint venture, according to a spokeswoman for ASB. The New York City Board of Elections leases more than 90 percent of the property for storage purposes and the city agency has about 11 years remaining on its lease, the spokeswoman said.
The buyers did not have a broker in the transaction, and it was not immediately clear which brokers represented the seller in the deal.