Winick Realty Group LLC senior managing director Zach Mishaan has negotiated the acquisition of a three-story retail property located at 80 Jamaica Ave. The building was sold for $3.2 million at a 5.3% cap rate.
The 17,676 s/f building features 5,900 s/f floor plates on each floor and sits on a lot that measures 30,000 s/f. The ground floor retail has been home to a Citibank branch location since 1973 and the tenant will remain in place for the duration of its long-term lease.
"The buyer was attracted to the future development potential inherent in a lot of that size," said Mishaan, who represented the anonymous buyer. "The secured tenancy was also a strong asset in this purchase."
The seller was represented by Ken Zakin, Hymie Dweck and Randall Liberman of Newmark Grubb Knight Frank. Tags: