Massey Knakal Retained Exclusively to Sell Brooklyn Retail Portfolio
Massey Knakal Realty Services has been retained on an exclusive basis to sell four retail buildings in Brooklyn. They are located at 420 86th St, 502-512 86th St, 514 86th St, and 526-528 86th St. in the heart of Bay Ridge’s retail corridor.
420 86th St. is located on the south side of 86th St., between 4th and 5th Avenues. This two-story commercial building is approximately 3,500 square feet. Surrounded by major retailers like T.J. Maxx and Century 21 Department Store, the subject property is ideal for users looking to expand or relocate an existing business. The building is currently being leased on a month-to-month basis, and can be delivered vacant.
502-512 86th St. is on the southeast corner of 86th St and 5th Ave. It is a three-story retail building and is approximately 39,000 square feet. The building is currently leased to two tenants: Citi Group and T.J. Maxx. While Citi Group occupies approximately 2,450 square feet on the ground floor and an additional 2,500 square feet in the lower level, T.J. Maxx occupies the remaining space on the ground floor, as well as the second and third floors. The property benefits from a tremendous amount of visibility with 125’ of frontage on 5th Avenue and 100’ of frontage along 86th St. The location of this building, along with its current tenancy, makes this building one of the most sought after buildings in Brooklyn.
514 86th St. is a four-story mixed-use building on the south side of 86th St, between 5th Ave and Gelston Ave. The building is approximately 6,300 gross square feet and consists of four units: two residential and two commercial. The ground floor is currently leased to Starbucks through February 2017. The second floor is a 2,000 square foot commercial unit that can be delivered vacant. The third and fourth floors are residential units, approximately 1,150 square feet each. While the third floor is currently leased until March 31, 2012, the fourth floor unit will be delivered vacant.
526-528 86th St, located on the southwest corner of 86th St and Gelston Ave, is a four-story mixed-use building with approximately 9,600 square feet. The property possesses 33’ of frontage along 86th St, benefiting from tremendous visibility from the street. The building consists of five units: three commercial and two residential. While the first floor is currently leased to Mothers Work Inc through May 2014, the second and third floor commercial units can be delivered vacant.
These excellent retail properties are available as a portfolio or may be purchased individually. For more information on these properties, please contact Massey Knakal Chairman Bob Knakal at 212-696-2500 or Stephen Palmese at 718-238-8999.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,200 transactions having a market value in excess of $15 billion.