CPEX sells 12,000 s/f industrial site - $550,000

The CPEX New York Development and Conversions Investment Sales has completed the $550,000 sale of an industrial development site located at 5901 Foster Ave. The 12,000 s/f vacant lot is zoned M1-1, permitting 12,000 s/f of buildable space "as of right." CPEX's Development and Conversions Sales team, consisting of managing partner Brian Leary, managing director Sean Kelly, Esq., associate director Cengiz (Jay) Sendogdular and associate Matthew Dzbanek, represented the seller, the Williamsburg Christian Church. The buyer, Laquila Construction, was represented by Crosstown Realty. This was a strategic purchase for Laquila Construction, who owns other assets in the area. The site will be used primarily for construction equipment storage. "As the credit market comes back to life, we have seen an increase in demand for commercially zoned properties from residential and commercial builders, as well as the construction companies that are regular bidders on infrastructure and public projects," said Kelly. About CPEX: CPEX was founded in September 2008 by Timothy King and Brian Leary, two prominent leaders 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.