DIB Development Group (DDG), a NYC-based international real estate group, has acquired a four-story commercial and industrial building at 5714 1st Avenue located in the neighborhood of Sunset Park, Brooklyn for $19.9 million.
The property consists of a mix of industrial and commercial tenants within approximately 100,000 sq. ft., over four floors, with additional available air rights of roughly 25,000 sq. ft.
The seller was Gabriel Gopin of Deitsch Realty. Broker Gary Mayzlin from Real Estate Trade Co, Inc. represented the seller.
The building, that was built in 1917, is strategically located across the street from Brooklyn Army Terminal, New York City Ferry, and Pier 4, along with all the nearby transportation hubs making the building accessible to the work force and distribution alike for NYC & the five boroughs. It features vast view of the NYC Harbor, Downtown Manhattan, and The Statue of Liberty.
Dib Management, which received an acquisition loan from Valley National Bank, plans to undertake a massive gut renovation to bring the property to its highest potential with all new retrofitted technology. (see Future rendering)
“In the age of last mile distribution, this new acquisition is an excellent hub for medium to large size companies to operate out of in order to reach the high demand NYC and five-borough market,” said Roland Dib, DIB’s founder and president. “Deciding to partner with Valley National Bank, who provided the financing and guidance throughout the long process of negotiation proved to be the right decision that led to a successful closing.”
The four-story commercial and industrial building will be added to DDG’s portfolio of properties to become its 21st acquisition in the industrial neighborhood of Sunset Park, Brooklyn. DDG has been present in the neighborhood of Sunset Park for over 30 years and owned many industrial properties before industrial properties were the new hot asset class.
Founded in New York in 1987, Dib Development Group owns and operates a portfolio of assets spanning over NY, FL, and CO. The company’s portfolio includes commercial, industrial, retail, and luxury residential real estate. DDG has major projects in various predevelopment and development phases in New York, Denver, and Miami. The NY portfolio consists of buildings in Sunset Park, East New York, Red Hook, Gowanus, Soho, Greenwich Village, and Noho. Outside NY the portfolio expands to office buildings in Denver, CO and retail/commercial spaces in Wynwood, Miami, FL.