Sunset Park development site trades for $52M

Economic downturn in 2008 derailed plans for Home Depot and residential complex

TRD New York /
May.May 28, 2014 02:05 PM

Developer Andrew Kohen sold a 160,700-square-foot development site in the Sunset Park area for $51.5 million, according to property records filed with the city today.

The property, 6200 Eighth Avenue, is located between 61st and 64th streets on former yard land for the Long Island Railroad. Kohen, who heads up MSK Properties, was looking to build a Home Depot and an 11-story residential building at the site.

But he was forced to table his plans in 2008 due to the housing market downturn, which hit Home Depot’s sales, according to Brooklyn Paper.

The buyers, who purchased the site through a tenancy-in-common, are listed in property records as 62-08 Realty LLC and 37-19 Realty Inc. The site is currently zoned for manufacturing use and has a maximum floor-to-area ratio of 1.

Kohen couldn’t immediately be reached for comment.

Sunset Park is becoming a major draw for investors who typically shied away from deals in such outer-borough neighborhoods. Jamestown Properties took a 50 percent stake in Industry City last year.


Related Articles

arrow_forward_ios
850 Third Avenue

Salmar Properties trying to renege on Sunset Park manufacturing requirement

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

Massive Sunset Park site in Opportunity Zone just hit the market for $150M

Investment manager for Texas teachers’ pension fund joins Dov Hertz and partner on Sunset Park last-mile play

Multifamily investor Iris Holdings buys Maimonides’ Brooklyn portfolio for $68M

Lights, camera, development: City issues RFP for film studio in Sunset Park

Dov Hertz in contract to buy massive dev site in Sunset Park. Here’s what he’s planning.

ASB, 60 Guilders team up for $47M Sunset Park buy

arrow_forward_ios