Sunset Park schoolhouse hits the market

August 18, 2011 05:51PM

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