Rosewood Realty has arranged the sale for $5.4 million of a mixed-use bankruptcy portfolio of three buildings in the busy 5th Avenue shopping corridor in Sunset Park, Brooklyn.
The four-story buildings at 4811, 5505, 5507 Fifth Avenue were sold as part of a reorganization plan at $292 per square foot, per Greg Corbin and Chaya Milworn of Rosewood who represented both sides of the transaction.
The three buildings total 18,500 square feet and include 18 residential units and six retail stores. All residential units are two-bedroom and rent-stabilized. The buildings were constructed in 1931.
Rosewood was retained by the lender to host the bankruptcy auction at the height of the pandemic. “It was difficult given that retailers were closed at this time,” Milworn said. “The world was changing at a rapid pace and buyers were very cautious.”
“We found a local investor who had the foresight to sign a deal during these uncertain times, realizing property values would rebound as the world returned to normal,” Corbin said. “There have been a lot of trespasses on the properties, but the buyer is willing to do the heavy lifting in order to maximize the value of the buildings. They are solid bricks in a solid location, and once cleaned and stabilized will be a great buy.
This area has been a hotbed of investment in recent years for both public and private funding, with Sunset Park seeing significant investment activity. The properties are surrounded by local mom and pop stores and national retailers.
It is a few blocks from the N & R subway lines and 36 minutes from Grand Central and 10 minutes from Industry City, a 6 million square foot, 36 acre waterfront development.
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