Samson Management saw an opportunity to sell a Gowanus office building and took it, but swallowed a hefty loss in the process.
Samson sold the property at 92 Third Street to Jack Guttman’s Pearl Realty Management for $29.5 million, the Commercial Observer reported. The sale comes out to nearly $314 per square foot for the 94,000-square-foot building.
Nine years ago, Samson plunked down $73 million to buy the asset from FirstMark Capital and Livwrk, which had bought the property in January 2014 for $20.3 million and redeveloped it into offices.
Norman Bobrow & Company’s David Badner and Jonathan Kershner represented the seller, while Alvarez & Marsal Property Solutions’ Fritz Kemerling represented the buyer. Spokespersons for the parties in the deal didn’t respond to the Observer’s requests for comment.
Occupancy has been an issue for the Gowanus office building, which was 57 percent leased as of January. The month before, co-working company Bond Collective filed a Chapter 11 bankruptcy petition for its space at the property, ultimately leading to its exit from 50,000 square feet it had occupied since 2014.
Brooklyn’s humble office market is hurting. In the third quarter, the availability rate jumped to 22.1 percent as tenants signed leases for 280,000 square feet, according to a Colliers report.
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