Berman, Spinelli, Tropp and Tortorici of Ariel handle $6.4 million sale; Reps seller, Zeluck Corp. and buyer, a private investor

July 27, 2015 - Front Section

Jonathan Berman, Ariel Property Advisors

Ariel Property Advisors arranged the sale of 5255 Kings Highway and 2-24 Preston Court, an industrial facility consisting of four industrial properties in the East Flatbush neighborhood of the borough. The properties sold for $6.4 million, which translates to $188 per s/f.
Exclusive agents Jonathan Berman, Mark Spinelli, Daniel Tropp and Michael Tortorici represented the seller, Zeluck Corp., and procured the buyer, a private investor.
The facility, which consists of four buildings and a vacant lot, spans 34,396 s/f. The properties facing Preston Court include eight roll-down gates and one loading dock. The building facing Kings Highway is used as the main entrance, providing access to modern executive suites that include multiple offices and conference rooms spanning two floors.
"While the previous owner used the properties for their own business, the buyer purchased the properties as an investment property to rent out and generate significant income," said Berman, vice president at Ariel. "This sale is a testament to both the strength of Brooklyn's economy and the market's faith in its growing industrial sector."
Kings Highway allows for excellent truck and vehicle access, while Preston Court is a quiet, mainly industrial side street. The buildings benefit from a New York City Industrial Development Exemption, which will expire in 2026.
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