New York investor pays $5.65M for two Bristol industrial complexes
A New York-based investor recently paid $5.65 million for two large industrial complexes in proximity in Bristol.
In a sale recorded Feb. 24, Brooklyn-based 575 Broad LLC sold the industrial complexes at 550 and 575 Broad St. to Brooklyn-based Bristol NYCEB LLC, whose principal is Ben Tyberg.
Tyberg lists a Spring Valley, New York business address.
The complex on 8.6 acres at 550 Broad St. includes three brick mill buildings totaling 87,426 square feet, completed between 1870 and 1891, according to city assessor records.
Across the street, at 575 Broad St., is a 14-acre property with four brick mill buildings dating to 1915 that tally to 235,687 square feet.
Justin Malley, executive director of Bristol’s economic and community development department, said the properties are currently leased out to various tenants, including manufacturers and others. He said his office has not yet been contacted by the new owner.
Tyberg referred questions to Joseph Rosenberg, a property manager working for him. Rosenberg, in an email response to questions, said the Bristol properties were part of a $6 million sale that involved additional property. He said the new owner is investing millions of dollars in upgrades, including energy efficiency, infrastructure, and more.
The existing tenants, primarily local manufacturers, are a key part of the new owners plans for the property, Rosenberg wrote. The new ownership is committed to the tenants’ long term success, he wrote.
“We see great potential in 550 and 575 Broad Street and are investing heavily in upgrades to modernize the facilities,” Rosenberg wrote.
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