Brooklyn manufacturer leasing its former Sunset Park HQ

AP&G is heading to N.J., putting 165k sf on the market

TRD New York /
Oct.October 22, 2015 08:00 AM

You can’t build a better mousetrap, but you can certainly improve on real estate in one of Brooklyn’s prime office markets.

AP&G Co., which makes adhesives for products like fly tape and mouse boards, is repositioning its 165,000 -square-foot building in Sunset Park for Brooklyn’s creative/manufacturing office market as the company relocates to a new base in Bayonne, NJ.

Unable to find enough space in Brooklyn for its growing business and seeking more efficiency, the company struck a deal last year with economic development officials in New Jersey to relocate from its headquarters at 170 53rd Street in Sunset Park, which sits between the Brooklyn Army Terminal and Industry City.

AP&G is now considering options to reposition the three-story building, which has 20-foot-high ceilings on the top floor and a 50-foot glass atrium, as either flex-office space or a home for one or two large tenants.

“Depending on how things shake out, we have one really interesting and creative concept on the table that we are leaning towards that would make the building truly unique,” AP&G vice president Jonathan Frisch wrote in an email.

Average asking rents in the South Brooklyn submarket averaged $19.55 in the third quarter, according to CBRE. That was the lowest in the five Brooklyn markets the brokerage tracks, making it a source of price relief from neighborhoods like Dumbo, where rents average $64.47.

The Brooklyn waterfront, which is the sixth-largest office market in the country, has an availability rate of 14.2 percent, compared to 7.9 percent in Midtown South.

CBRE calculates the area stretching from Greenpoint to Sunset Park will add another five million square feet of office or light manufacturing inventory through 2018.


Related Articles

arrow_forward_ios
Brooklyn’s Sunset Park is in the midst of a severe housing crisis and in desperate need of affordable housing. (Photo by Jim.henderson via Wikipedia)

Sunset Park faces severe affordable housing shortage: report

Sunset Park faces severe affordable housing shortage: report
HelloFresh’s NYC HQ (Courtesy of Industry City, HelloFresh by Eric Laignel)

HelloFresh inks Industry City deal for content studio

HelloFresh inks Industry City deal for content studio
The Real Deal's Kathryn Brenzel and Steiner Equities' Doug Steiner

Doug Steiner talks Steiner Studios’ Brooklyn expansion

Doug Steiner talks Steiner Studios’ Brooklyn expansion
6201 15th Avenue in Bensonhurst and 185 Claremont Avenue with BlackRock CEO Larry Fink (Google Maps; Fink by Eugene Gologursky/Getty Images for IRC)

Pandemic-proof, $29.5M deal for Brooklyn office building closes

Pandemic-proof, $29.5M deal for Brooklyn office building closes
Rendering of Bush Terminal at Sunset Park (Courtesy of Synoesis)

Steiner Studios to build TV and production facility in Sunset Park

Steiner Studios to build TV and production facility in Sunset Park
Council member Carlos Menchaca and Industry City (Getty, Wikipedia)

Industry City rezoning is effectively dead

Industry City rezoning is effectively dead
Danny Wrublin and 260 Gold Street (Wrublin by Chance Yeh)

Record-setting multifamily deal comes together in Brooklyn

Record-setting multifamily deal comes together in Brooklyn
Congresswoman Nydia Velázquez, Congressman Jerry Nadler and Council Member Carlos Menchaca (Credit: Getty Images, Google Maps)

Pols pounce as city caves in on Sunset Park property

Pols pounce as city caves in on Sunset Park property
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...