Marcus & Millichap facilitates $17.5 million sale of experiential retail property in Brooklyn

Brooklyn, NY Marcus & Millichap negoatied the sale of 321 Starr St., a fully leased, 10-unit retail property in the Bushwick neighborhood, for $17.5 million.

“This deal really highlights the evolution of what investors value in the retail sector,” said Shaun Riney of the NYM Group of Marcus & Millichap in Manhattan. “While traditional lenders and buyers still tend to shy away from experiential retail concepts, these are exactly the types of businesses driving foot traffic and consumer engagement today. The buyer recognized that, and it allowed them to enter the New York market at an attractive basis.”

Riney, along with Marcus & Millichap’s Michael Salvatico, Scott Plasky and Alexander Arustamanian, represented the seller and procured the buyer, a Canadian family making their first New York City acquisition.

Located at 321–341 Starr St., the 26,624 s/f property is at the corner of Starr St. and Cypress Ave. The asset features 235 ft. of retail frontage and was completely renovated in 2017. It includes 7,000 s/f of rooftop and outdoor space on the second floor and 321 s/f of ground-floor outdoor seating. Tenants include MetroRock, 48 Cypress, and New York Film Lab, along with a mix of food, beverage, and specialty retailers.