5,000 sf – 20,000 sf, – 120,000 sf, will divide, $15-18 psf, Ground Floor and upstairs, Vacant, for lease or […]
3,000 sf, – 6,000 sf, 10,000 sf -15,000 sf, Ground floor, Plus basement, Possession arrange, Gallery – showroom – warehouse […]
Sunset Park, Brooklyn, NY Industrial-Garage-Warehouse Building for lease or sale 5,000 sf – 10,000 sf – 100,000 sf, $15 – […]
Sunset Park Brooklyn NY, Manufacturing – Warehouse Building for lease, rent 10,000 sf – 60,000 sf, $16 – 20 psf […]
10,000 sf – 20,000 sf – 100,000 sf will divide, $9 – 16 per sf, Ground Floor and upstairs, warehouse […]
Long Island City, Industrial , Warehouse space for lease 6,000 sf – 12,000 sf – 60,000 sf, $ 16- […]
Long Island City
Warehouse and industrial space in Sunset Park, Brooklyn, NYC
Warehouse and industrial space – Sunset Park is nested between 15th Street and 65th Street, from 9th Ave to New York Harbor. This famous industrial neighborhood is known for its ethnically diverse population of over 100,000 residents, with an industrial area of warehouse space for rent, sale, or lease. Sunset Park became a destination for maritime distribution, a result of the unobstructed stretch of water-frontage over the past century. Historically, the backbone of Sunset Park has been its industrial sector, anchored by three main habitats:
The Brooklyn Army Terminal, Bush Terminal, and Industry City. Altogether these form a majority of the warehouses and industrial space of Sunset Park, with a wide range of local businesses. Owners invest heavily in the local infrastructure, including railways and roads, to become a new area and provide greater functionality. With its ideal location on Upper New York Bay, a growing residential population, and access to the public transportation networks, Sunset Park will continue to be a waterfront destination. In modern times, lifting rents and purchase prices for industrial space have been threatening Sunset Park’s affordability for businesses.
The new rent regulation laws enacted in the past removed several essential benefits to rental property owners, such as the ability to push rents high after making some unwanted renovations or the right to remove an industrial space from rent-regulated status when the monthly rent surpassed a predetermined threshold. Investors are pushed to consider buying other asset types, namely warehouses and industrial sites. Industrial lease rates are near its highest levels, while there is a dragon competition of international buyers spending billions in the last decade.
Brooklyn and queens warehouses are in the $15- to $28 per foot price range. This type of building has very low inventory for sale, and they now go for $250 – $350 per foot or even more. In the past, Brooklyn has lost millions of square feet of industrial space. In 2019 average price per square foot for an industrial building in Sunset Park was $350 per square foot, a notable step-up of 25%, while leasing million-square-foot trucking packages into Sunset Park, NYC is both time-consuming and pricey.
Each year and specifically between 2011 and 2019, Sunset Park warehouse & industrial space had the highest property sales in all Brooklyn. The highest number of transactions occurred in the yearly 2014, the year that the great Jamestown Properties acquired Sunset Park Industry City. Sadly New York’s rent regulation laws made a significant impact on the investment sales market in the first quarter of 2019, with sales around 30% to close to 400 transactions.
Some Real estate companies are marketing a warehouse space for over $200 million, with prices over $300 per foot. Some big sale gos over $300 million and price per foot as high as $600. The average price per foot in 2019 was close to $500, which is much higher per foot than what they sell for in Sunset Park, and this is a good example.