NEW YORK– Marcus & Millichap Real Estate Services, the nation’s largest real estate investment services firm, has announced the exclusive listing of 150 52nd Street, an industrial business park with redevelopment potential. The property is measured at 123,785 square feet of rentable warehouse and office space with a 30,631 square foot open parking lot, located in Brooklyn’s Sunset Park Industrial Waterfront District, according to John Horowitz, Regional Manager of the firm’s Brooklyn office.
Jakub Nowak and Hemal Patel, both associates in the firm’s Brooklyn office, have the exclusive listing to market the property. The listing team plans on attracting investors and developers who are trying to take advantage of the recentand rent growth in Sunset Park.
“With just over 100,000 square feet of lot area, 150 52nd Street is the largest commercially zoned footprint to hit the Sunset Park sub-market in years. This is an excellent opportunity to purchase a large scale asset featuring immediate stabilized income with the added upside of significant future redevelopment and rent growth potential,” said Mr. Nowak.
The Sunset ParkWaterfront is a market primed to grow intro a thriving commercial district attracting a new wave of manufacturing, office and tech tenants, particularly given the recent development at Industry City’s Bush Terminal, the city owned Army Terminal and Liberty View Industrial Plaza,” Nowak concluded.
In addition, the property is located within the Southwest Brooklyn Industrial Business Zone, nestled in the heart of the EDC's Sustainable Urban Industrial District, part of the city's Sunset Park Vision Plan aimed at promoting investment and development in the Sunset Park waterfront industrial area.
With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 6,149 transactions in 2012, the highest of any commercial real estatefirm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.