O’Connor Capital, CBRE fund pays $85M to ASB Capital, 60 Guilders for industrial in Sunset Park
O’Connor Capital Partners and CBRE Investment Management through the entity Uslp Sunset Park, LLC paid $85 million to ASB Capital Management and 60 Guilders through the entity 5112 Second Avenue Owner, LLC for industrial (E1) at 5112 2nd Avenue in Sunset Park, Brooklyn.
The deal closed on December 23, 2021 and was recorded on January 5, 2022.
The property has 187,465 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $453 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on October 2, 2017, for $47 million.
The signatory for ASB Capital Management and 60 Guilders was Matthew Brodie Ruland. The signatory for O’Connor Capital Partners and CBRE Investment Management was Mary H. Lang.
Over the past five years, there have been 3 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 3 renovation/alteration projects (A2) applied for with a total estimated value of $106,150. One of the projects were to change the building from a COM to a S-2.
The Real Deal reported that the buyers were O’Connor Capital Partners and CBRE Investment Management and that Cushman Wakefield’s Adam Spies and Josh King led a team that brokered the sale. ASB is an institutional investment manager based in Bethesda, Maryland, and self-reported $24 billion in assets under management.
Its real estate division is ASB Real Estate Investments. This is ASB’s third sale since December 2019. It sold a stake in a Williamsburg portfolio to partner L3 Capital for $148 million and it sold 158 West 27th Street for $99 million, in a deal also brokered by a Cushman team including Adam Spies. ASB has not acquired any assets in New York City in at least two years.
Within a 400-foot radius of 5112 2nd Avenue, PincusCo identified eight commercial real estate items of interests occurred over the past 24 months.
Of those eight items, three were for major renovation including a certificate of occupancy change. They were one permit applications with a total initial cost of $1.2 million and two permits with a total initial cost of $7.7 million. The most recent of these three items was the permit on January 20, 2021 for a 16,050-square-foot R-1 building with five residential units at 5113 2nd Avenue.
Of those eight items, three were sales above $5 million totaling $115.8 million. The most recent of the three was Liberty One Group which bought the 16,050-square-foot, one-unit industrial (F4) on 5113 2nd Avenue for $7 million from Joel Weber on August 21, 2020.
Of those eight items, two were loans above $5 million totaling $17.8 million. The most recent of the two was David Levitan which borrowed $9.0 million from TriState Capital Bank secured by the 16,050-square-foot, one-unit industrial (F4) on 5113 2nd Avenue on October 19, 2021.
Direct link to Acris document. link