New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
DIB Development Acquires Sunset Park Warehouse with Plans for Renovations
DIB Development Group has acquired a four-story commercial and industrial building at 5714 1st Ave. in Brooklyn’s Sunset Park neighborhood for $19.9 million. The seller was Gabriel Gopin of Deitsch Realty. Broker Gary Mayzlin from Real Estate Trade Co, Inc. represented the seller.
The property consists of a mix of industrial and commercial tenants within approximately 100,000 square feet over four floors, with additional available air rights of roughly 25,000 square feet. Dating from 1917, it’s strategically located across the street from Brooklyn Army Terminal.
DIB, which received an acquisition loan from Valley National Bank, plans to undertake a gut renovation. “In the age of last-mile distribution, this new acquisition is an excellent hub for medium to large-size companies to operate out of in order to reach the high-demand NYC and five-borough market,” said Roland Dib, DIB’s founder and president.
- ◦Sale/Acquisition