Burk, Tamara and Sigourney of CPEX sell 5,250 s/f mixed-use building for $850,000

The CPEX New York mixed-use investment sales team has brokered the sale of 5016-5018 3rd Ave. Located between 50th and 51st Sts. in Sunset Park, the property consists of one three-story mixed-use building totaling 5,250 s/f. The building includes two retail spaces measuring a combined 1,750 s/f, as well as five apartments totaling 3,500 s/f of residential space. The property was delivered with one vacant retail space and all five apartments fully occupied. The sale price was $850,000. The property sold for $162 per s/f. CPEX's mixed-use sales team, consisting of managing director Scott Burk, Esq. and associate Luis Tamara, represented the seller and procured the buyer. Both are local investors. Andre Sigourney, associate director of CPEX's retail sales team, assisted with the transaction. "The property went into contract quickly with an investor from Brooklyn," said Tamara. "This reflects the strong demand for stable assets in up-and-coming neighborhoods like Sunset Park. With Jamestown Properties looking to turn the area's waterfront into a creative hub of arts, technology and manufacturing, Sunset Park will see its property values steadily gain value moving forward." CPEX was founded in September 2008 by Timothy King and Brian Leary, two eaders in the New York City commercial real estate industry. The founders have provided a broad range of real estate and business services locally, nationally and internationally throughout their career. CPEX provides a full range of services for both real estate and business owners through our innovative operating platform and entrepreneurial culture. CPEX implements a team-based approach in which each group is focused on a specific business line, product type and definitive specialization in each market we cover. Our services include sales, leasing, acquisitions, and advisory. ###