By the numbers June by The Real Deal

By the Numbers A space at Industry City

$1,700 Median residential rent in Sunset Park. The median rent in the five boroughs is $2,800. “There’s a lot of upside there. It’s going to start to rise,” said David Maundrell, president of aptsandlofts.com.

$295,000 Median sale price for a Sunset

Park condo, nearly 70 percent below the $975,000 in Manhattan. By comparison, the median in Bushwick is $360,000. In Park Slope, it is $868,000. In Dumbo, condos go for well over $1 million.

Sunset Park is rising

With Industry City reviving the area, the undervalued Brooklyn neighborhood is seeing new real estate action

recent spate of interest and investment in Sunset Park is shining a light on real estate in the newly hot Brooklyn neighborhood. Dubbed “Brooklyn’s Chinatown,” Sunset Park now has more Chinese residents than any other area of New York City — including Chinatown in Lower Manhattan. And it remains one of the least expensive (read: most undervalued) Brooklyn neighborhoods for renting or buying residential property, spurring interest among both gentrifiers and investors, according to brokers. In addition, at the newly repositioned 6 million-square-foot Industry City, an influx of fashion and design tenants are breathing new life into Sunset Park’s commercial real estate and positioning it as an eventual rival to Manhattan’s Garment District. This month, TRD looked at the rapid transformation of Sunset Park and what that means for the future of the real estate market there. B y S asha von O ldershausen

73 Number of commercial and multi-

family buildings sold in Sunset Park in 2013, for an aggregate dollar volume of $105 million. By comparison, in 2009, 23 such buildings sold for an aggregate $27 million.

out over 30 sites in Brooklyn, Manhattan and Jersey City first.

$35 million Amount the city invested to convert

a 1.1 million-square-foot building into an industrial center, now called Liberty View Industrial Plaza. Since leasing began in February, a warehouse-style electronics retailer called Micro Center has opened a 30,000-square-foot space there.

11,600 Square footage that fashion

company Steven Alan is renting in Industry City. There are now 20 to 25 fashion-related tenants at the complex, including Malia Mills, Little Hip Squeaks and Lana Stepul. A number of those designers moved from Manhattan, positioning Industry City as a potential Garment District rival.

45% Rise in average price of commercial properties sold in Sunset Park to $1.76 million in 2014, from $1.21 million in 2009.

6 million Total square footage of Sunset

Park’s Industry City, a 16-building former industrial warehouse complex that’s been repositioned as a buzzing hive of artists and start-up entrepreneurs, some of whom say they can no longer afford the rising rents there. By comparison, One World Trade Center is half that size.

49.9% The stake that Jamestown

Properties, owner of Chelsea Market, acquired in Industry City last year from majority owners Ruby Schron and the Fruchthandler family in a deal estimated to be worth at least $150 million. Jamestown has said it will pour another $100 million into renovating the aging complex.

$50 million Cost of the Brooklyn Nets’ training facility being built at Industry City. The team reportedly checked

71% Increase of the Chinese population in Sunset Park from 2000 to 2011, bringing the total number of Chinese residents to 34,000, the most of any New York City neighborhood. By comparison, Chinatown’s Chinese population dropped 17 percent in those years.

364 The number of new hotel rooms

slated to come online in Sunset Park. That includes an 88-room hotel at 833 39th Street and a 70-room hotel at the nearby 457 39th Street. Both hotels will be designed by Michael Kang Architects.

$155 Average cost of a Sunset Park hotel room on a weeknight. The average daily rate boroughwide is $165. In Manhattan, it’s $281.

Sources: New York Daily News, Zillow, Massey Knakal Realty Services, Crain’s, Kalmon Dolgin Affiliates, CPEX, aptsandlofts.com, Miller Samuel, New York Times, Lodging Advisors

535 Park Avenue | $4,500,000

20 June 2014 www.TheRealDeal.com

Compiled by Yaffi Spodek