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Posted: April 19, 2016
Knakal, Svetlakou and Hageman of Cushman & Wakefield exclusively represent seller in $17 million sale of 1623 Kings Hwy.; Cahane of Forte Capital acts for buyer
Robert Knakal, Cushman & WakefieldBrooklyn, NY Cushman & Wakefield has sold a mixed-use building at 1623 Kings Hwy., located on the corner of Kings Highway and East 17th St. in the Gravesend neighborhood. The all-cash transaction is valued at $17 million
The four-story, newly built building has 137 ft. of retail frontage totaling 21,960 gross s/f. The building is fully leased to Verizon Wireless, Tiger Schulman’s and Interborough Consulting.
Bob Knakal, chairman, New York investment sales at Cushman & Wakefield exclusively represented the seller with Alex Svetlakou and Jonathan Hageman. The buyer was represented by Chaim Cahane, president at Forte Capital Management, LLC.
“Retail assets across the city continue to see strong demand. The outer boroughs have become increasingly popular with retail property investors as evidenced by the tremendous activity this property produced,” said Knakal.
Kings Highway is one of the major commercial thoroughfares within south Brooklyn, making it a desirable location for national retailers. Additionally, Gravesend is well-situated in terms of transportation as Coney Island, Ocean Parkway and the Belt Parkway provide easy access to the shopping and nightlife of Bay Ridge, Sheepshead Bay and Bergen Beach.
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory.
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