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.”
