Tzfanya and Burti of CPEX broker the $1.5 million sale and subsequent lease of 334 Douglass Street

The CPEX industrial sales team arranged the sale and subsequent lease of 334 Douglass St. Located between 3rd and 4th Aves. in Gowanus, the property is a single-story warehouse totaling 2,500 s/f. The building was delivered vacant, but will be occupied by incoming tenant Passive Housing Center upon completion of building maintenance. The sale price was $1.5 million, all-cash. The building sold for $600 per s/f. CPEX's industrial sales team, consisting of associate director Jacob Tzfanya and associate Christopher Burti, represented the seller in the transaction. CPEX also procured the buyer, Canal Development Corp., a New York-based construction and development company. While in contract for the sale, the buyer hired CPEX's industrial leasing team to lease the available space. With assistance from CPEX's retail leasing team, Tzfanya and Burti managed to find a tenant prior to the closing date. Passive Housing Center, Inc., a green building supplies company, will occupy the space. "After receiving significant interest and multiple offers for the property, we ultimately were able to complete the transaction at full asking price," said Tzfanya. "Upon signing a contract for sale, we were hired by the buyer to find a tenant for the space. We had a fully executed lease prior to the closing date, which is a testament to the increasing desire for tenants to be in the Gowanus neighborhood."