A Brooklyn company is moving into an industrial building that was acquired adjacent to Routes 1&9, according to multiple reports.
NJBIZ reported on an announcement by commercial real estate firm NAI James E. Hanson, indicating “an undisclosed company paid an undisclosed amount” for the nearly 25,000-square-foot industrial property at 1296 Lawrence St. (Block 303.01, Lot 3.03)
According to property records, the deal closed Jan. 13 for $1.065 million between two LLCs, going from VPG Lawrence St., LLC, to NY Lawrence, LLC.
The 0.6-acre property, which includes a roughly 5-story building, is located adjacent to the Routes 1&9 overpass. The site is assessed for $256,000, generating a property tax bill last year of almost $17,000. If memory serves, the building used to be painted a bright pink color until a few years ago.
“We have seen an exodus of industrial tenants and owners, fleeing from the exorbitant prices of real estate in Brooklyn and the other boroughs,” said Barry Cohorsky of NAI James E. Hanson, which has offices in Hackensack and Parsippany. “Initially, these tenants were targeting the Meadowlands markets looking for less-expensive properties, but as that market becomes tighter, we expect more and more tenants and property owners to look at some of New Jersey’s more secondary and tertiary markets,” he said in a prepared statement.