Kelly, Sears and O’Neill of CPEX broker $1.75 million sale

Sean Kelly, CPEX

Sean Sears, CPEX

James O'Neill, CPEX

Brooklyn, NY The CPEX development & conversion investment sales team has recently sold a 10,000 s/f development site near the waterfront in Red Hook. 160-162 Dikeman St., two adjacent parcels of vacant land with a footprint of 5,000 s/f, was sold for $1.75 million. KSK Developers purchased the site for $175 per buildable s/f in an all cash transaction. Zoned M2-1, the site offers 10,000 buildable s/f for light to medium manufacturing or commercial use. The property was delivered vacant.

CPEX’s development & conversion sales team, consisting of managing director Sean Kelly, Esq. and associates Sean Sears and James O’Neill, represented procured the buyer, KSK Developers.

“For KSK, a developer and construction management firm doing work in Brooklyn, Manhattan and Queens, the properties are ideally located closed to the BQE, Battery Tunnel and Gowanus Expressway,” said Sears.

Kelly said, “We anticipate that Red Hook and the surrounding areas will continue to see demand from investors, users and developers looking for light manufacturing and office buildings, especially with ICAP still in place in New York City.”

“Traditionally, developers and investors have shied away from Red Hook because of the lack of public transportation. However, we have seen increased demand from investors, users and developers who like the charm of Red Hook and are excited about the two large developments planned by Thor Equities and Estate4. We anticipate a lot of growth in the Red Hook market in the next five years.”