Picasso Lighting actually moved into the building last year,leasing it with an option to buy. The sale was completed with thehelp of a low-cost loan from the state. The seller was a localpartnership

"With four different buildings in Brooklyn, it was a nightmare,"says Jose Espinosa, who co-founded the company 10 years ago withSol Shem-tov. His company is a manufacturer and wholesaler ofcrystal chandeliers and upscale lighting systems.

"Rather than continue to pay rent for four buildings, about$30,000 monthly, we made a business decision to consolidateeverything and look for a building of our own," Espinosa continues."It has certainly made it easier to run our business."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.