O'Brien and Newman of M. C. O'Brien sell 4,200 s/f: $3.2 million

M. C. O'Brien, Inc., has handled the recent sale of a one-story taxpayer at 1623 Kings Hwy. in the Midwood neighborhood. The 4,200 s/f one-story taxpayer was previously leased to Hollywood Video and was sold for a consideration of $3.2 million-all cash. As the exclusive sales broker, M. C. O'Brien, Inc., received numerous offers for this corner property which has over 130' of frontage on one of Kings Highway's busiest corners. The new owners bought Hollywood Video out of the remaining lease and intend to redevelop the site as a four-story building. William O'Brien, SIOR, and Malcolm Newman, CRE, from M. C. O'Brien, Inc., were the sold brokers in this sale. A group of Brooklyn-based investors bought the property. At 501 Ditmas Ave., M. C. O'Brien, Inc., has arranged a 9,000 s/f lease for Siemens Real Estate Inc. in the Kensington neighborhood. Siemens will house a software development division in the newly constructed second floor of this former one-story taxpayer newly named Ditmas Plaza. The lease was the culmination of an exhaustive search of the greater Boro Park neighborhood for the relocation of this highly specialized use. The location benefits from easy access to the highways as well as a subway a few short blocks away. The property also benefits from a tax abatement which will significantly reduce the tenant's occupancy costs for the term of the lease. O'Brien was the sole broker and acted as Siemens' exclusive tenant representative in this lease with an aggregate value of $2 million.