ASB, 60 Guilders Form JV, Purchase Sunset Park Industrial Buildings
The Brooklyn neighborhood of Sunset Park continues to be a point of interest for industrial investors and developers.
ASB Real Estate Investors and 60 Guilders have entered a joint venture to purchase two industrial properties at 5110-5112 Second Ave. and 15 Garnet St. The first is a three-story, 202 SF warehouse with an office component, and the second a 7K SF annex. The $47M sale closed Oct. 3, Commercial Observer reports.
The New York City Board of Elections occupies the properties, using them for storage space, on a lease that runs 11 more years. ASB and 60 Guilders see the properties as a long-term hold, but may consider redeveloping once the Board of Elections' lease runs out, according to Commercial Observer.
Property records list the previous owner as 15 Garnet Street LLC, which purchased the lot from SBK Holding for $15M in 2006. SBK Holding is the investment company run by Sheikh Sultan Bin Khalifa Bin Zayed Al Nahyan, the eldest son of United Arab Emirates President Sheikh Khalifa Bin Zayed Al Nahyan.
A long-term hold may be a good bet for Sunset Park, where Bush Terminal is the site of the incoming Made in NY campus, a planned hub for the fashion, film and television industries. The neighborhood has also been floated as perhaps Brooklyn's best chance to potentially land Amazon's HQ2.