Kalmon Dolgin Affiliates Inc. has sold a sub-divided 9 acre plot industrial complex in the Mainers Harbor section of Staten Island to two Brooklyn based buyers for a total approximately $13 million.
Gary Mayzlin of KDA represented both buyers ad the sellers in the sale of 125 & 175 Lake Avenue.
The property at 125 Lake Avenue sits on seven industrial acres (zoned M3) incorporating 100,000 sq.ft. of warehouse buildings.
With a long history of various owners and companies occupying the property, notably Cross Sinclair Paper Company until early 2000s, the property was ultimately sold to an investor and repositioned as a 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 Brooklyn-based World Wide Plumbing, a long-established and successful operation that was looking for a new home, having outgrown its existing facilities in Brooklyn.
“The property at 125 Lake Avenue 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 Avenue, with was subdivided from larger plot of 125 Lake Avenue, was also sold to Royal Food Baza, a Brooklyn based food distributor which acquired property for its distribution and processing operation.
Mayzlin originally negotiated a net lease of 175 Lake Avenue to Royal Food Baza with an option to purchase. during the 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.