Sunset Park schoolhouse hits the market

TRD New York /
Aug.August 18, 2011 05:51 PM

Clockwise from top left: Ariel Property Advsiors’ Jonathan Berman, 5721 6th Avenue and Victor Sozio of Ariel

A Sunset Park building set to house a forthcoming bilingual private school for special needs children hit the market last week with an asking price of $4 million. The four-story, 15,000-square-foot building at 5721 Sixth Avenue on the corner of 58th Street is listed by Jonathan Berman and Victor Sozio of Ariel Property Advisors.

The school, whose name Berman wouldn’t disclose, will rent out the building from whoever purchases it for $290,000 per year, yielding a cap rate of 6.4 percent, based on the terms of the deal and the current asking price, Berman said. He added that the school is looking to sell its stake in the building to free up cash.

The current ownership purchased the building for $2.6 million last July, public records show, and invested more than $1 million in renovating the interior, Berman said.

“I’ve never witnessed such a beautiful school,” Berman said, “and trust me, I went through a lot of years of going to school.” The building also features a rooftop playground and a basement.

Berman expects the Sunset Park location, which he called “a very hot neighborhood right now,” to draw interest from Brooklyn-based investors, especially a specific type of investor that focuses on schools. — Adam Fusfeld

Related Articles

Dov Hertz and Prologis CEO Hamid Moghadam with 150 52nd Street in Sunset Park (Credit: Google Maps, Proologis)

Prologis buying Sunset Park property teed up as new City Harvest HQ

221 East 71st Street and 60 East 12th Street (Credit: Google Maps and iStock)

Death march for NYC’s multifamily market continues

Numbers were down across the board (Credit: iStock)

New York’s multifamily market had its slowest first half of the year since 2011

From left: 165 East 66th Street, 110 Bennett Avenue, and 2001-2045 Story Avenue in the Bronx (Credit: CityRealty)

No end in sight: New York’s multifamily market stayed slow in April

850 Third Avenue

Salmar Properties trying to renege on Sunset Park manufacturing requirement

33-35 Overlook Terrace (Credit: Ariel Property Advisors)

Bankrupt Hudson Heights dev site headed to the auction block

Snail isolated on blue background

New York’s multifamily market got off to a slow start this year

With gun to their head, Industry City agrees to delay rezoning application

With gun to their head, Industry City agrees to delay rezoning application