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Brooklyn Market is Booming

BROOKLYN, NY-When you add a few recent sales with a number of development projects on the table in this New York City borough, you can see how it can be considered a hot and up-and-coming alternative.

By Barbara Jarvie | Updated on February 22, 2004

BROOKLYN, NY-Revitalization is the key ingredient surrounding sales and in-development projects in this borough. Marcus & Millichap Real Estate Investment Brokerage Co. handled the $750,000-sale of an industrial building in Williamsburg that represents $320.51 per sf that was a record price for industrial buildings in this location. Michael Rothstein, an investment associate the Manhattan office, was the listing broker for the transaction that was marketed on a national basis.

“Williamsburg is once again a vibrant community, emerging from the bustling commerce of Manhattan Avenue and Bedford Avenue to the many distinctive side streets,” says Mitchell LaBar, SVP and managing director of the firm’s Manhattan office.

The firm also handled the portfolio sale of two properties located in Sunset Park that went for $865,000. Avi Ryzman and Zeev Sandman, who were the exclusive brokers for the transaction representing both a buyer and seller, note that the area is currently being revitalized by state, city and private funds. “Because of its location near harbor and transportation linkages, Sunset Park has recently been targeted for major development projects proposed for the region such as a new port, and a rail and freight tunnel connecting the area to either Staten Island or New Jersey,” explains LaBar, who added that there was a “multitude” of bidders vying for the property.

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