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Deals & Dealmakers

Brooklyn office property trades for $29.5M

An investment group led by Shaya Labin has paid $29.5 million for a Brooklyn office property.

TerraCRG announced it brokered sale of the office building at 6201 15th Avenue and parking lot at 6310 15th Avenue in Brooklyn.

The firm’s Ofer Cohen, Dan Marks, Daniel Lebor and Adam Tannenbaum exclusively represented the seller, American Stock Transfer & Trust Company, a subsidiary of Pacific Equity Partners (PEP).

“This is an important sale on a number of fronts,” said Marks, a partner at TerraCRG. “Our team began working on this transaction after the NYC Covid-19 shutdown and we concluded the bidding process in early May, a time of significant uncertainty”.

6201 15th Avenue is a four- story, Class-B office building with 151,357 gross square feet. The 8,400 s/f parking lot is across the street.

The sale represents $195 psf, a number that shows continued confidence in the market, according to Cohen.

“The process has shown that even during these unprecedented times we can conclude a successful bidding process, sign a contract and close a significant transaction,” Cohen added.

Martin Flanigan, president of AST, ADDED, “The time was right to sell the property and free up capital for reinvestment in our business. We entered a long-term lease with the new owners and will continue to occupy our space in the property. This will help ensure minimal disruption to both our business and our employees who work there.”

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