Sunset Park Property Sells for $12M at $470/SF

A property located at 266 47th Street in Sunset Park, Brooklyn, NY, USA has been sold for 12M at 470/SF. The deal closed on May 27, 2021, and the property is classified as an ‘Other’ asset type. The total square footage of the deal was 25,482. The brokers involved in the deal have not been disclosed.

The property is a three-story building that was built in 1931 and is currently being used as a warehouse. The building is situated on a 9,000 SF lot and has a total of 25,482 SF of space. The property is located in Sunset Park, which is a neighborhood in Brooklyn that has been experiencing a lot of growth and development in recent years.

The buyer of the property is unknown, but the seller is listed as 266 47th Street LLC. The LLC is registered to an address in Brooklyn, NY. The LLC purchased the property in 2016 for $6.5M, which means that they were able to sell the property for almost double what they paid for it in just five years.

The sale of this property is indicative of the strong demand for commercial real estate in Brooklyn, particularly in neighborhoods like Sunset Park that are experiencing growth and development. The fact that the property was able to sell for almost double what it was purchased for just five years ago is a testament to the strength of the market.

The brokers involved in the deal have not been disclosed, but it is likely that they played a significant role in the sale of the property. Brokers are often instrumental in connecting buyers and sellers and helping to negotiate deals that are beneficial for both parties.

Overall, the sale of 266 47th Street in Sunset Park, Brooklyn, NY, USA for 12M at 470/SF is a strong indicator of the strength of the commercial real estate market in Brooklyn. As the neighborhood continues to grow and develop, it is likely that we will see more deals like this in the future.