Cushman & Wakefield Retained Exclusively to Sell the Flatbush Retail Portfolio
Cushman & Wakefield has been retained on an exclusive basis to sell the Flatbush Retail Portfolio, a portfolio consisting of five retail and mixed-use buildings located along the major retail thoroughfare of Flatbush Avenue in Brooklyn, New York. The asking price for the portfolio is $63,000,000, however, the properties can be purchased individually.
The properties are well-positioned as they occupy both the northeast and southwest corners of Flatbush Avenue along Nostrand Avenue and Hillel Place as well as the entire block-front from the southwest corner of Flatbush Avenue to Kenilworth Place in the heart of the neighborhood’s most vibrant retail area. In total, the Portfolio features approximately 445 feet of retail frontage, of which, approximately 320 feet is directly located along Flatbush Avenue. An investor has the opportunity to control three major corners and an entire block within one of the major commercial thoroughfares in Brooklyn.
The buildings total approximately 42,900 gross square feet and are occupied by a variety of retail, office and residential tenants. The Portfolio offers a long-term development opportunity by utilizing the approximate 83,000 square feet of air-rights.
1555-1563 Flatbush Avenue and 744 East 31st Street is a one-story retail building located on a flag lot with 160 feet of retail frontage along Flatbush Avenue. The property totals approximately 15,470 square feet of retail space and has 44,870 square feet of development rights. The property features national retailers such as Rite Aid, Subway and Foot Locker. 1556 Flatbush Avenue is one-story retail building located directly adjacent to Brooklyn College. The property totals approximately 14,000 square feet with 17,460 square feet of development rights. The property features national retailers such as GameStop and Metro PCS. 1560 Flatbush Avenue is a three-story mixed-use building with 100 feet of retail frontage and totals approximately 5,376 square feet. 13-17 Hillel Place is located directly behind 1556 Flatbush Avenue. It features two buildings on one tax lot totaling approximately 7,800 square feet.
In addition to these five buildings in Brooklyn, a one-story retail building located at 58-08 Myrtle Avenue in Ridgewood, Queens is also available for sale. The building is NNN until 2024 to a retail clothing company. The asking price for 58-08 Myrtle Avenue is $7,750,000.
Bob Knakal, Chairman, New York Investment Sales at Cushman & Wakefield is exclusively marketing these properties with Richard Velotta and Thomas A. Donovan.