The Manhattes Group has closed on the sale of 29 Ryerson Street, aka 256 Flushing Avenue.
The property consists of an eight-story warehouse building, a one-story industrial building and a parking lot separating the two properties. The sale price was $26,350,000.
Alan Shmaruk and Michael Sherman of the Soho-based Manhattes Group represented both the seller, 29 Ryerson Street LLC, and the purchaser 11-45 Ryerson Holdings LLC, in the transaction.
“Due to growth within the Brooklyn Navy Yard and the fact that the property is located within the Brooklyn Tech Triangle, we received significant interest in the property,” said Shmaruk, a principal at Manhattes Group.
“It is extremely rare a property of this size becomes available within striking distance of Manhattan. It presents an excellent opportunity for conversion to an office building, where the current demand for is greater than the supply. Due to multiple parties bidding on the property, we were pleased to achieve a price over asking”.
The property will be delivered vacant in the first quarter of 2014 and is slated for transformation into a mixed use retail / office building.
The Manhattes Group will handle the leasing.
