Helmsley Spear, LLC sells four-story building for $1.8 million at 215 Pacific Street

According to John Farrell, VP and director of commercial brokerage of Helmsley Spear, LLC, the firm has sold 215 Pacific St. on behalf of an estate. The four-story building will be developed with plans to create a 16-unit apartment house on the upper three floors. "This is a great opportunity for investment in an area that is thriving," said Farrell. "The space offers tremendous flexibility, and the seller (the estate) was very motivated to make a deal." Appraised at $2.6 million, the property was held in a C-Corp and the corp. was sold for $1.8 million. The co-listing brokers were Stan Conway, VP, and Hank Widmaier, senior associate, of Helmsley Spear. "The property has great potential. Neighboring condo units reach as high as $1.5 million. A buyer will be getting a tremendous amount of space to work with. There is great retail potential on the first floor with over 3,500 s/f of outdoor area that can be redeveloped," said Conway. "Plus there are 12 parking spots adjacent to the building." Originally built in 1900 as a factory, the building was converted into a school during the century. In 1999, the owners renovated it. Column-free, the building has windows on all four sides and offers 20-ft. ceilings on the ground floor. Included with the plans is a striking architectural feature: a new exterior, glass-enclosed elevator. Also included are air rights. "With the possibility of building another structure on the lot for future expansion, one can't argue with the value here," Conway said. Situated in family-friendly Cobble Hill and close to Smith St., the property is well-situated for future residents. "The area includes a bevy of businesses including Trader Joe's, Barnes and Noble, Dominos, Flight 001, Bird, Butler + Smith, Rite Aid, Washington Mutual, American Apparel, Lucky Jeans, Ponce De Leon Bank, Brooklyn Industries, Bar Tabac, and a United Artists multiplex movie theatre. "The area is very vital," said Widmaier. "And the building is in close proximity to the A, C, R, F, G, 4, and 5 subway lines. All of this adds up to convenience and a superlative lifestyle." Since 1866, HelmsleySpear has been a leader in commercial real estate creating legendary deals that are the cornerstones of the real estate industry and is the oldest, continually operating real estate firm in America. Evolving from a real estate appraisal company to a full-service firm providing highly-skilled, professional performance and bottom-line profitability for its clients, HelmsleySpear provides property owners and users of real estate with a full array of services including: office and retail leasing; property and asset management; capital advisory services; investment sales and financing; project development and construction management; preventative maintenance and engineering; insurance services and appraisal. HelmsleySpear is independently owned and operated with offices in New York and San Francisco. HelmsleySpear.com. 212.396.8110. ###