Cohen and O'Donnell of Eastern Consolidated selected to market three-building package

New York, NY Eastern Consolidated has been selected to market a three-building package of contiguous mixed-use buildings at 373, 375 and 379 Knickerbocker Ave. in the Bushwick section. The asking price for the 15,547 s/f package of three-story walk-ups is $11.75 million. Exclusive agents Brad Cohen, senior director, Kevin O’Donnell, associate director, are marketing the property. Gary Meese, senior director, financial services, is the analyst for the deal. The ground floor retail units at 373, 375, and 379 Knickerbocker Ave. are occupied by a 99 cent store; electronics store; and Payless Shoesource, respectively. Additionally, 373 Knickerbocker Ave. includes four rental apartments on the top two floors, one of which is occupied. The upper floors of 375 and 379 Knickerbocker Ave. are vacant and although designated for commercial use could possibly be returned to their original residential use. “The offering presents investors with strong in-place income as well as tremendous near-term repositioning and long-term redevelopment potential in one of Brooklyn’s hottest neighborhoods,” O’Donnell said. “The buildings offer 75 ft. of contiguous frontage on the Knickerbocker Ave. corridor, which is a popular retail district that is currently undergoing substantial re-investment.” Cohen said, “Bushwick has been at the epicenter of Brooklyn’s residential development boom in recent years and now developers are becoming bullish on the neighborhood’s retail. Just a block away at Knickerbocker Ave. and Himrod St., a new retail mall is planned that will offer six retail spaces.” The properties at 373, 375, and 379 Knickerbocker Ave. are ideally located between Stanhope and Stockholm Streets, a short walk to the L train at the DeKalb Avenue station and the M train at the Knickerbocker Ave. station, and a few blocks from Maria Hernandez Park.