Sunset Park development site trades for $52M
Economic downturn in 2008 derailed plans for Home Depot and residential complex
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.