NEW YORK, NY – April 16, 2019 – Ariel Property Advisors has facilitated the sale of 124-134 Forrest Street, a leased industrial building and vacant lot in the prime Brooklyn neighborhood of Bushwick. The properties sold for $11.4 million, or $441 per square foot.

The 25,840 square foot industrial building and 4,990 square foot vacant lot are located between Central Avenue and Wilson Avenue, just off Flushing Avenue in Bushwick. The properties benefit from approximately 175 feet of frontage along Forrest Street and up to Flushing Avenue. With Citibike the current tenant on a short-term lease, the building provides stable cashflow in a neighborhood that is rapidly evolving.

Exclusive agents Sean R. Kelly Esq. and David Khukhashvili of Ariel Property Advisors represented the seller, Horrigan Development & PILOT Real Estate Group, and procured the buyer, Seagis Property Group.

"There was a lot of bidding activity on these assets since industrial assets in Bushwick, particularly single-story assets that logistically work for distribution, are in high demand," said Kelly. "The fact that this building had a solid tenant with a relatively short-term lease in a sector of the market that is on the rise made this a very attractive opportunity."

Zoned M1-1, the site's 1.0 FAR allows 30,830 buildable square feet, as-of-right, for commercial use and 54,980 buildable square feet, for community facility use.

The assets are near the J, L, and M trains, and are a short distance from many neighborhood destinations, such as Morgantown, the Troutman Street entertainment corridor, and the recently opened rock-climbing gym MetroRock.