New York, NY – April 9, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 80 4th Street, a 180’ x 107.67’ lot improved by a 17,942 square-foot, single-story, brick warehouse located in Brooklyn’s Gowanus neighborhood. The final closing price was $12.8 million, equating to approximately $713.40 per square foot and more than $300,000 above the original asking price.
Cushman & Wakefield Senior Director Winfield Clifford and Senior Associate William Barrett represented the seller, famed sculptor Tom Otterness, in this transaction. The property was purchased by The Brooklyn Home Company.
“The Gowanus neighborhood continues to attract strong interest from developers in anticipation of the neighborhood’s rezoning and the sale of 80 4th Street is no exception,” said Winfield Clifford of Cushman & Wakefield.
80 4th Street is located in an M3-1 zoning district allowing for 35,954 square-feet of commercial development. The property provides a wet sprinkler system, two curb cuts and two rolling gates, with one offering a loading bay. There are 24 skylights providing significant light across the building. The building is currently owner occupied and will be delivered vacant.
80 4th Street is located just a block away from the Carroll Street and Smith/9th Street subway stations and a short walk from the Union Street subway station. The property is also surrounded by numerous Citi Bike stations and is serviced by multiple bus routes. Situated between two well-established residential neighborhoods, Carroll Gardens and Park Slope, Gowanus has become the connecting fabric of the area offering a variety of retail and hospitality destinations including Whole Foods, Royal Palms Shuffleboard, Dinosaur BBQ, Freek’s Mill and the Bell House.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.