Monday, January 25, 2016

39th Street

Last September, it was announced that real-estate investment firm Hampshire Companies was putting a pair of warehouses in Sunset Park on the market, with Cushman & Wakefield as brokers.  341-353 39th Street, primarily occupied by garment trade industries, was marketed as office space, or (re-zoning permitted) residential conversion.  The warehouses are still on the market today, with a listed price of $40 million.  Hampshire bought the buildings in 2013 for $18,500,000.  In customary fashion these days, proximity to Industry City is a highlight of the sales pitch, along with new amenities in the neighborhood.

The buildings boast large open floor plates and soaring ceiling heights that provide a blank canvas for an office use or a potential multifamily conversion. The property will be delivered fully vacant, allowing a purchaser to immediately implement a renovation strategy to transform the property into a premier facility in the heart of one of the most booming submarkets in the borough.
... Overall, the outlook for both residential and commercial office space in the Sunset Park neighborhood is extremely positive. The supply of space remains tight, as existing product continues to be taken offline for residential conversion in response to the unprecedented demand for apartments in the area. Additionally, there has been a significant influx of new amenities in the neighborhood that have helped spur overall interest from businesses. 

Positive for whom, we wonder? For the small business owners & garment workers to be replaced by offices or high-income residential tenants? For the other small businesses & residents on this mixed-use block?  The Sunset Park "re-purposing" continues.

341 39th (from 38th Street),  2014 


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