Staten Island, NY Kalmon Dolgin Affiliates, Inc. (KDA) has sold a sub-divided nine-acre-plus industrial complex in the Mariners Harbor section to two Brooklyn-based buyers for $13 million, according to Neil Dolgin, co-president of the firm.
Gary Mayzlin, KDAGary Mayzlin of KDA represented the buyers and sellers in the sale of the industrial complex at 125 and 175 Lake Ave.
The property at 125 Lake Ave. sits on seven industrial acres (zoned M3) incorporating approximately 100,000 s/f of warehouse buildings. With a long history of various owners and companies occupying the property, notably Cross Sinclair Paper Company from the mid-1970’s until early 2000’s. The property was then sold to an investor and repositioned as multi-tenanted industrial complex.
“With commercial real estate market values on the rise on Staten Island, it came time for investor, 135 Lake Avenue Realty LLC, to cash out,” said Mayzlin. “The property afforded buyers a highly desirable location with existing structures at a fraction of the cost of compatible properties and sites in Brooklyn.”
Mayzlin was approached by principals of World Wide Plumbing, a plumbing supply company based at 15th Ave. in Brooklyn, a long-established and very successful operation that was looking for a new home, having outgrown its existing facilities in Brooklyn.
“The property at 125 Lake Ave. was very appealing to the principals of World Wide Plumbing because of the existing buildings with yard it could occupy immediately and the opportunity for expansion in the future to redevelop land for more usable space,” said Mayzlin. “With M3 zoning, allowing 2.0 FAR, the property can support over 600,000 s/f of industrial/commercial buildings. The deal was negotiated and closed recently for approximately $9 million.
The adjacent property at 175 Lake Ave., which was subdivided from larger plot of 125 Lake Ave., was also sold to Royal Food Baza, with offices at Gravesend Neck Rd. in Brooklyn. The property consists of a 50,000 s/f industrial warehouse with 40,000 s/f of parking, and represented a great opportunity for Royal Food Baza to acquire property for its food distribution and processing operation.
Having same M3 Zoning allows for future expansion of the buildings. Royal Food Baza is a major wholesaler and importer of food products from all over the world and also operates a dozen retail supermarket locations under the “Net Cost Market” brand in NY/NJ/ PA metro areas.
Mayzlin originally negotiated a net lease of 175 Lake Ave. to Royal Food Baza with an option to purchase. During lease term, the property was renovated and converted to a first-class food distribution and processing facility. The purchase option was exercised by the tenant for approximately $4.05 million with seller,135 Lake Avenue Realty LLC.
Located two blocks from entrance and exit ramps of Highway 440 and the Staten Island Expressway and at foot of Bayonne Bridge, the property is just minutes to the Verrazano and Goethals bridges and nearby Port of Elizabeth, providing access from anywhere and a good distribution location.
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