Dib Development Group (DDG), a NYC-based international real estate group, has acquired a four-story commercial and industrial building at 5714 First Ave. in Sunset Park, Brooklyn for $19.9 million.
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.
The seller was Gabriel Gopin of Deitsch Realty. Broker Gary Mayzlin from Real Estate Trade Co. represented the seller.
Built in 1917, 5714 First Ave. is strategically located across the street from Brooklyn Army Terminal, New York City Ferry and Pier 4. Public transportation hubs are nearby. It features vast view of the NYC Harbor, Downtown Manhattan, and The Statue of Liberty. Dib Management, which received an acquisition loan from Valley National Bank, plans to undertake a massive gut renovation to bring the property to its highest potential with all new retrofitted technology.
“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, DDG’s founder and president. “Deciding to partner with Valley National Bank, who provided the financing and guidance throughout the long process of negotiation proved to be the right decision that led to a successful closing.”
The four-story commercial and industrial building becomes its 21st acquisition in Sunset Park, Brooklyn. DDG has been present in the neighborhood for over 30 years.
