A 43,830-square-foot industrial property located in Brooklyn has been sold for $9.5 million to a buyer that plans on converting the site into a community shelter.
The freshly-purchased property consists of two contiguous manufacturing facilities on Glenmore Avenue that totals 38,380 square feet, as well as two adjacent parking lots on Snediker Avenue that comprises of 5,000 square feet.
The sale was announced by Marcus & Millichap, a commercial real estate brokerage firm that specializes in investment sales, financing, research and advisory services.
Jakub H. Nowak and Thomas L. Brennan — industrial specialists at Marcus & Millichap’s New York City office — had the exclusive listing to market the property on behalf of the seller.
The industrial specialist duo would eventually locate a buyer for the property, identified as a private developer who is partnering with the City of New York to build a shelter on the site in the future, Marcus & Millichap says.
According to Brennan, the eventual sale of the property was preceded by numerous adversities.
“This was a challenging transaction in many ways,” said Brennan.
“It was discovered that there was major environmental contamination dating back to previous ownerships, resulting in over $2,000,000 of brownfield remediation. This had to be navigated along with a contentious tenant buyout to deliver a shovel-ready site to the buyer. Fortunately, we had a buyer and seller who were both willing to navigate the obstacles, and we were ultimately able to collaborate with all parties involved to successfully conclude the transaction.”
The new shelter is located at 221-241 Glenmore Ave and 97-99 Snediker Ave.
