Press Release brought to you by Cushman & Wakefield Capital Markets Group New York

Retail Property In Ditmas Park Sold By Massey Knakal

01/23/2014

A retail building at 1029-1035 Cortelyou Road, located on the corner of Cortelyou and Stratford Roads in Brooklyn’s Ditmas Park neighborhood, was sold in an all-cash transaction valued at $2,000,000.

The single-story building contains approximately 3,578 square feet and sits on a 60’ x 71’ irregular lot.  It is currently divided into three contiguous retail units, but can be used as one large unit as well.  The property benefits from additional air rights, providing added value as a development property.  The sale price equates to approximately $559 per square foot.

“This property generated a lot of interest from investors, users, an developers based on its great location and available air rights,” said Massey Knakal’s Nick Mahedy, who exclusively handled this transaction with Thomas D. Gammino, Jr. and CEO Paul J. Massey, Jr.  “We received over 20 all-cash offers and ultimately closed with the best offer, which was well above the asking price,” Nick added.

Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,700 transactions having a market value in excess of $19 billion.

www.masseyknakal.com

01/23/2014 - 10:42

Source

Cushman & Wakefield Capital Markets Group New York

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