The Hampshire Companies, a full-service, private real estate investment firm with assets valued at over $2.3 billion, has announced the disposition of two fully-vacant commercial buildings in the Sunset Park neighborhood of Brooklyn to Madison Realty Capital. The properties consist of a 10-story, 131,565-square-foot and a 7-story 31,386-square-foot building located at 341 and 353 39th Street, respectively.
The Sunset Park submarket has experienced unprecedented levels of demand from companies seeking well-located office properties with price discounts in comparison to Manhattan. Additionally, these companies want access to a diverse talent pool with many companies focusing on the technology, advertising, media, information and finance markets. As Sunset Park and its surrounding submarkets continue to benefit from large-scale residential booms and a flood of retail and other amenities, Brooklyn remains one of the fastest growing business districts in the New York City metro area.
“Sunset Park is becoming a highly attractive and sought after neighborhood for new office construction, with an influx of amenities, strong demand, tight supply and the perfect position between Bay Ridge and Park Slope,” said Igor Derbaremdiker, Director of Dispositions for The Hampshire Companies.
The two buildings sit on a bi-directional street, which can be accessed from both 3rd and 4th Avenues in Sunset Park and are located only half a block from the Brooklyn-Queens Expressway (I-278), meaning a 15-20-minute commute to Downtown Brooklyn and Manhattan. The properties are easily accessed by public transportation with three nearby subway stations as well as three nearby bus routes. The buildings boast large, open floor plates and soaring ceilings that provide the perfect blank canvas for renovation. The properties are located just three blocks away from Industry City, the six million square foot mixed use development located on Sunset Park’s waterfront. Madison Realty Capital plans to renovate the vacant industrial space into offices and manufacturing space.
“This is the type of deal that exemplifies Hampshire’s investment strategy,” said Derek Gardella, Portfolio Manager for The Hampshire Companies. “Timing played a pivotal role in our ability to return considerable investment dollars to our investors. Given a short 3-year hold for this investment, Hampshire was able to detect an early indication of the forthcoming positive market trend and identify this in-fill urban location as the imminent revitalization play. The foresight of our team allowed us to adjust our strategy associated with this acquisition resulting in an extremely lucrative deal.”
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About The Hampshire Companies
The Hampshire Companies is a full-service, private real estate investment firm with assets valued at more than $2.5 billion based in Morristown. N.J. The Hampshire Companies is a vibrant, dynamic organization that combines creative vision and superior execution, thereby enabling it to create and enhance value in real estate investments. Additional information on The Hampshire Companies is available online at HampshireRE.com.
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Nick LaPlaca
R&J Strategic Communications
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nlaplaca@randjsc.com