{"id":1004114867,"date":"2015-03-05T06:56:08","date_gmt":"2015-03-05T14:56:08","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004114867"},"modified":"2022-12-04T15:36:37","modified_gmt":"2022-12-04T23:36:37","slug":"prudential-jv-performs-one-of-largest-single-asset-sales-in-brooklyn-history","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/prudential-jv-performs-one-of-largest-single-asset-sales-in-brooklyn-history\/","title":{"rendered":"Prudential JV Performs One of Largest Single-Asset Sales in Brooklyn History"},"content":{"rendered":"<p><i>By Scott Baltic, Contributing Editor<\/i><\/p>\n<div id=\"attachment_1004114868\" style=\"width: 160px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Andrew-Sasson.jpg\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004114868\" data-attachment-id=\"1004114868\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/prudential-jv-performs-one-of-largest-single-asset-sales-in-brooklyn-history\/andrew-sasson\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Andrew-Sasson.jpg\" data-orig-size=\"448,295\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;13&quot;,&quot;credit&quot;:&quot;Photographer: David Beyda 212-967-6964 david@davidbeyda.com www&quot;,&quot;camera&quot;:&quot;Canon EOS 5D Mark II&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1371195585&quot;,&quot;copyright&quot;:&quot;Copyright:(c)David Beyda Studio, NYC 212-967-6964&quot;,&quot;focal_length&quot;:&quot;88&quot;,&quot;iso&quot;:&quot;200&quot;,&quot;shutter_speed&quot;:&quot;0.008&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Andrew Sasson\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Andrew Sasson&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Andrew-Sasson.jpg?w=448\" class=\"size-thumbnail wp-image-1004114868\" alt=\"Andrew Sasson\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/Andrew-Sasson.jpg\" width=\"150\" height=\"150\" \/><\/a><p id=\"caption-attachment-1004114868\" class=\"wp-caption-text\">Andrew Sasson, Eastern Consolidated<span style=\"font-size: 13px;line-height: 19px\">\u00a0<\/span><\/p><\/div>\n<p>A 10-story, 257,000-square-foot self-storage facility in downtown Brooklyn has fetched a price of $90 million, paid by New York\u2019s Quinlan Development Group L.L.C. and Building &amp; Land Technology, of Stamford, Conn., which plan to convert the property into mostly Class A creative office space, along with retail. The buyers were represented by Eastern Consolidated, and the seller was a partnership between Prudential Real Estate Investors and Extra Space Storage.<\/p>\n<p>The sale of 37-53 Flatbush Ave., also known as 41 Flatbush Ave. and as 76-92 Rockwell Place, was one of the largest single-asset sales ever in downtown Brooklyn, according to Eastern Consolidated director Andrew Sasson.<\/p>\n<p>The conversion will start immediately, and \u201cthe goal is to be ready for tenants by year end,\u201d Timothy Quinlan, principal of Quinlan Development, told <i>Commercial Property Executive<\/i>.\u00a0 (The leases on the facility\u2019s 355 storage units run for six-month terms at most, noted Eastern Consolidated, which gives the buyers the flexibility to vacate the building relatively quickly.)<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/FLATBUSH.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004114872\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/prudential-jv-performs-one-of-largest-single-asset-sales-in-brooklyn-history\/flatbush\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/FLATBUSH.jpg\" data-orig-size=\"619,470\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"FLATBUSH\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/FLATBUSH.jpg?w=619\" class=\"size-medium wp-image-1004114872 alignleft\" alt=\"FLATBUSH\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/FLATBUSH.jpg\" width=\"300\" height=\"227\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/FLATBUSH.jpg 619w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/03\/FLATBUSH.jpg?resize=300,228 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>\u201cThe building itself has beautiful decorative elements, along with high ceilings and large open floor plates,\u201d added Quinlan. \u201cAs new construction cannot capture the same level of character, our goal is to preserve and highlight those architectural elements.\u201d<\/p>\n<p>The half-acre site is between Lafayette Avenue and Fulton Street and is close to both the Long Island Rail Road\u2019s Atlantic Terminal and the Atlantic Avenue \u2013 Barclays Center subway station, which provides access to nine subway lines (2, 3, 4, 5, B, D, N, Q and R).<\/p>\n<p>Manhattan is only seven minutes away by train, noted Tyler Wilkins, partner at Quinlan Development.<\/p>\n<p>Likely users of the building\u2019s new office space, according to Timothy Quinlan, will be TAMI (technology, advertising, media and information) tenants \u201ceither originating from Brooklyn, but having outgrown their current space, or relocations from Manhattan, where rents have sky-rocketed and the available product type is less interesting. Many of the young professionals who typically work in these industries already live in Brooklyn, and more are on the way with all the new development that is going on.\u201d<\/p>\n<p>Downtown Brooklyn, he said, \u201cis experiencing a large residential and retail boom, but there is a huge demand for office that is just not being met.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A downtown Brooklyn storage facility will be getting a bold transformation into Class A office space.<\/p>\n","protected":false},"author":882,"featured_media":1004114868,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,21742,10,21747],"tags":[],"class_list":["post-1004114867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-midatlantic","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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