Marcus & Millichap has announced the sale of a 43,830 square feet industrial property in Brooklyn for $9.5 million. The property at 221-241 Glenmore Ave & 97-99 Snediker Ave consists of adjacent manufacturing facilities and parking lots, all zoned M1-4. Name of the buyer and seller were not disclosed.
The buyer, partnering with NYC for a shelter project, was represented by Marcus & Millichap’s Jakub H. Nowak and Thomas L. Brennan.
“This was a challenging transaction in many ways,” said Brennan, “It was discovered that there was major environmental contamination dating back to previous ownerships, resulting in over $2,000,000 of brownfield remediation. This had to be navigated along with a contentious tenant buyout to deliver a shovel-ready site to the buyer.”
Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.