Sunset Park Portfolio Changes Hands for $6.3M

April 19, 2012 Brooklyn Eagle Staff

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SUNSET PARK — Brooklyn-based TerraCRG also reports the sale of a portfolio, this one comprised of three commercial buildings at 6303-6311 Fifth Ave., corner of 63rd Street in Sunset Park.

The one-story buildings, zoned for manufacturing, sold for $6.3 million to a local investor/developer, according to Adam Hess, a partner and senior vice president at TerraCRG, who handled the sale and secured the buyer along with associate Jacob Colleran.

“The transaction and potential future development exemplifies the renewed investor and developer confidence in the continued strengthening of the Brooklyn market,” he said.

Hess also said the new owner plans “to utilize the property for investment income in the near-term but is contemplating a hotel development to service the rapidly expanding Asian community that continues to make Southwest Brooklyn their home.”

Combined, the three buildings contain 35,500 square feet but there are also additional air rights totalling approximately 42,000 square feet, according to Hess. The buildings are currently occupied by three different retail and industrial tenants.