O’Brien of M.C. O’Brien arranges $12 million sale of condominium interest and associated air rights
M.C. O’Brien Inc. arranged the sale of a condominium interest and associated air rights in the building located at 285 Schermerhorn St. The building is noteworthy as it has housed Brooklyn Community Services offices and program space for the last 94 years.
SDS Procida committed to acquire the zoning rights and the top 4 floors of the seven-story building. SDS will construct an additional six floors and Brooklyn Community Services will retain the bottom three floors in the form of a new condominium interest. A distinct win for BCS as it will replace the fully depreciated asset with a new asset as well as a cash infusion for the agency whose roots date back to 1866. BCS will maintain their key administrative offices at the site and will relocate some of their program to divergent locations across central Brooklyn. Construction is slated to finish in late 2016. BCS is one of the oldest and one of the largest non sectarian non profits based in Brooklyn and provides a host of services to some of the most challenged populations in Brooklyn.
William O’Brien, SIOR of M.C. O’Brien was the sole broker in this transaction valued at $12 million.
This sale comes on the heels of the $13.5 million sale of the corner of Flatbush Ave. and Fulton St., one of the busiest intersections in Brooklyn in the third quarter of 2014. William P. O’Brien Inc. SIOR represented the long term ownership of two one story buildings totaling 3,000 s/f. The Buildings are on two non contiguous lots on the same block front and were acquired by neighboring ownership which will redevelop the assembled site into a new residential tower planned for the corner. The buyer a very active player in Brooklyn’s most active neighborhoods was represented by Zach Mishaan of Winick Realty.
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Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services. Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies. Winick Realty Group is highly recognized as a forerunner in the retail real estate market.