Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Massey Knakal Sells Warehouse Building In North Bushwick

01/15/2013

An industrial warehouse building at 383 Troutman Street, located between Wyckoff and Irving Avenues in Brooklyn’s, North Bushwick neighborhood, was sold in an all-cash transaction valued at $1,090,000.

The single story building contains approximately 5,000 square feet and sits on 50.17’ x 100’ lot.  The warehouse is in excellent condition with 18 foot ceilings.  The sale price equates to approximately $218 per square foot.

This property is centrally located just two blocks from the Williamsburg border and one block from the L train at Jefferson Street.  The area has received significant attention as being the hub of activity in Bushwick with many new galleries, restaurants, and bars, drawing people from across the city.

“This warehouse, which was purchased by an investor, will be converted to a combination of retail and office space.   The sale represents a trend emerging in Bushwick where investors are now able to effectively compete with owner-operators for prime industrial properties by repositioning these assets towards a new kind of retail tenant pouring into the neighborhood.” said Massey Knakal Director of Sales Michael Amirkhanian, who exclusively handled this transaction.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.

www.masseyknakal.com

01/14/2013 - 17:20

Source

Cushman & Wakefield Capital Markets Group New York

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