S
amson Management has sold its Gowanus office building at 92 Third Street to Pearl Realty Management's Jack Guttman for $29.5 million. This sale translates to approximately $314 per square foot for the 94,000-square-foot property. The buyer was represented by Alvarez & Marsal Property Solutions' Fritz Kemerling, while Norman Bobrow & Company's David Badner and Jonathan Kershner represented the seller.

    The building has struggled with occupancy issues, with a leasing rate of just 57% as of January. Co-working company Bond Collective had occupied 50,000 square feet since 2014 but filed for bankruptcy and vacated its space in the property. Brooklyn's office market is experiencing difficulties, with an availability rate jumping to 22.1% in the third quarter due to tenants signing leases for only 280,000 square feet.

    Samson Management initially purchased the building from FirstMark Capital and Livwrk for $73 million nine years ago, after it was redeveloped into offices. The sale comes as Samson has been offloading properties, including a Chelsea office building sold in April for $31 million, which was significantly less than what they paid for it in 2012.