Brooklyn, NY Eastern Consolidated has brokered the sale of a 7,500 s/f retail property leased to Planet Fitness at 441 Rockaway Ave. in the Brownsville section. The off-market deal traded for $7.65 million, which translates to $1,020 per s/f at grade.
Director Ilya Gamer, an off-market specialist at Eastern Consolidated, arranged the transaction. The seller was Crown Acquisitions, whose in-house representative, Isaac Mograby, facilitated the negotiations. Alexandra Rossland, sales manager of Eastern Consolidated, represented the buyer, a private investor.
“The buyer unlocked a tremendous amount of long-term income potential by selling a multifamily property at a high GRM that was acquired at a low basis, and utilized a 1031 exchange to purchase 441 Rockaway Ave.,” Gamer said. “The seller added significant value to the property that only a class A sponsor could and can now reutilize the capital for a new opportunity. It was a real estate deal that was a big win for all parties involved.”