Maxwell, who represented both the buyer and the seller, the Franklin Trust, notes the property, on less than an acre, commanded a price of $2.5 million, or $135 per sf. The property is at 1418 Essex St. near the Korean Garment Mart.
Maxwell reports that American Clothing is due to occupy its new building in August. The company sells polyethylene bags, hangers and related accessories for the garment industry. The Essex Street building will be used as a pick-up point and replaces a company facility on San Pedro Avenue that is being converted to a showroom, Maxwell says. American Clothing is headquartered in Downtown on 27th Street. Maxwell says multiple back-up buyers lined up for the Essex Street building. Five years ago the building would not have sold for $100 per sf, he says, but the recent sale indicates how dramatically the market has changed in that time. American Clothing Supply's new building is a concrete tilt-up structure featuring extra parking that will accommodate 50 cars.
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