Brooklyn, NY Ariel Property Advisors has facilitated the sale of 124-134 Forrest Street, a leased industrial building and vacant lot in Bushwick. The properties sold for $11.4 million, or $441 per s/f. The 25,840 /f industrial building and 4,990 s/f vacant lot are located between Central Ave. and Wilson Ave., just off Flushing Ave. The properties benefit from approximately 175 s/f of frontage along Forrest St. and up to Flushing Ave. With Citibike the current tenant on a short-term lease, the building provides stable cashflow in a neighborhood that is rapidly evolving
Exclusive agents Sean Kelly, Esq. and David Khukhashvili of Ariel Property Advisors represented the seller, Horrigan Development & PILOT Real Estate Group, and procured the buyer, Seagis Property Group.
“There was a lot of bidding activity on these assets since industrial assets in Bushwick, particularly single-story assets that logistically work for distribution, are in high demand,” said Kelly. “The fact that this building had a solid tenant with a relatively short-term lease in a sector of the market that is on the rise made this a very attractive opportunity.”
Zoned M1-1, the site’s 1.0 FAR allows 30,830 buildable s/f, as-of-right, for commercial use and 54,980 buildable s/f, for community facility use.
The assets are near the J, L, and M trains, and are a short distance from many neighborhood destinations, such as Morgantown, the Troutman Street entertainment corridor, and the recently opened rock-climbing gym MetroRock.