(Read more on the industrial market.)
BROOKLYN, NY-OCS Industries, a manufacturer of metal products, has subleased 40,000 sf at 2015 Pitkin Ave. in the East Williamsburg section of Brooklyn. The sublease accommodates the relocation for current lease-holder Old Williamsburgh Candle Co., a candle manufacturer, and the new tenant has signed for the remaining seven years of the lease.
Kalmon Dolgin Affiliates' Berel Nagel arranged a 40,000-sf sublease for OCS Industries. Mr. Nagel represented the lease-holder, Old Williamsburgh Candle Co. in the transaction.
Situated in East New York Industrial Park, the lease is comprised of a 30,000-sf space inside of a larger 70,000-sf, single-story warehouse building. The 10,000-sf outdoor area is part of a larger 20,000-sf fenced-in parking lot. The property features five large loading docks, heavy power, a fully-sprinklered interior and is minutes to J.F.K. Airport, Belt Parkway, Van Wyck Expressway and Atlantic Avenue.
Sources close to the deal tell GlobeSt.com that the amount per sf based on 30,000 sf with 3% increases each year is $8.70 per sf. The aggregate value of the lease total over seven years is $2 million.
"In an effort to move into their newly-constructed manufacturing facility just a few blocks away, Old Williamsburgh Candle Co. sought to satisfy the remainder of their lease with a top industrial tenant whose business could utilize all that this space has to offer," Mr. Nagel stated. "East New York is a New York City Empire Zone as well, offering tax and energy incentive programs to qualified tenants seeking value."
Kalmon Dolgin Affiliates is a 103-year-old, Brooklyn-based real estate firm. In addition to providing brokerage and management services, Kalmon Dolgin has acquired $300 million of its own real estate assets within the past year alone, primarily industrial and medical/office properties.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
