Cleeman and Kaiser of Cohen Real Estate arranges $5.425 million sale of 7,200 s/f retail property; Represents buyer and seller

Cohen Real Estate has arranged the off-market sale of a retail location at 2500 Coney Island Ave. for $5.425 million. The property - a free standing, two-story commercial building - is 100% occupied, with JP Morgan Chase Bank serving as the anchor tenant. The transaction encompasses 7,200 s/f of retail space, as well as 12,000 s/f of parking. JP Morgan Chase, occupies the entire ground floor and the property receives additional revenue from a real estate company and a cell phone repair facility. The property also carries air rights for an additional floor to be added. Cohen Real Estate vice president Michael Cleeman and senior executive director Ric Kaiser represented both the buyer, Francman Realty, LLC, and the seller, 2500 Coney Island Avenue Associates, LLC. "The property immediately drew strong interest and the process moved quickly," said Cleeman. "The strong demand was anticipated, given the desirable strategic location of the property, and the brand name, credit-rated anchor tenant, which provides key services for area residents." The sale of the 2500 Coney Island Ave. property continues Cohen's succession of recent retail transactions in the New York Metro area including the $20.25 million off-market sale of a retail condominium at 2770 Broadway; the $10.9 million sale of a retail condominium at 350 Bleecker St.; and the $13.4 million off-market sale of three retail units and six rental apartments at 1 Bleecker St., 3 Bleecker St. and 324 Bowery St. In all of these cases, Cohen personnel represented both buyer and seller. "We're pleased to be finding and successfully transacting on so many off-market and attractive retail listings," said Cleeman. "These have all been valuable properties, with significant growth potential, located in desirable locations and featuring high quality tenants. We anticipate closing a number of other New York City retail driven properties in the coming weeks as retail continues to be one of the most sought-after asset classes in the market."