Knakal, Velotta and Donovan of Cushman & Wakefield retained to market five-building Flatbush Retail Portfolio

Brooklyn, NY Cushman & Wakefield has been retained on an exclusive basis to sell the Flatbush Retail Portfolio, a portfolio consisting of five retail and mixed-use buildings located along the major retail thoroughfare of Flatbush Ave. The properties are well-positioned as they occupy both the northeast and southwest corners of Flatbush Ave. along Nostrand Ave. and Hillel Place as well as the entire block-front from the southwest corner of Flatbush Ave. to Kenilworth Place in the heart of the neighborhood’s most vibrant retail area. In total, the portfolio features 445 ft. of retail frontage, of which, approximately 320 ft. is directly located along Flatbush Ave. An investor has the opportunity to control three major corners and an entire block within one of the major commercial thoroughfares in Brooklyn. The buildings total 42,900 gross s/f and are occupied by a variety of retail, office and residential tenants. The portfolio offers a long-term development opportunity by utilizing the approximate 83,000 s/f of air rights. 1555-1563 Flatbush Ave. and 744 East 31st St. is a one-story retail building located on a flag lot with 160 feet of retail frontage along Flatbush Ave. The property totals 15,470 s/f of retail space and has 44,870 s/f of development rights. The property features national retailers such as Rite Aid, Subway and Foot Locker. 1556 Flatbush Ave. is one-story retail building located directly adjacent to Brooklyn College. The property totals approximately 14,000 s/f with 17,460 s/f of development rights. The property features national retailers such as GameStop and Metro PCS. 1560 Flatbush Ave. is a three-story mixed-use building with 100 ft. of retail frontage and totals 5,376 s/f. 13-17 Hillel Place is located directly behind 1556 Flatbush Ave. It features two buildings on one tax lot totaling 7,800 s/f. In addition to these five buildings in Brooklyn, a one-story retail building located at 58-08 Myrtle Ave. in Ridgewood, Queens is also available for sale. The building is NNN until 2024 to a retail clothing company. Bob Knakal, chairman, New York investment sales at Cushman & Wakefield is exclusively marketing these properties with Richard Velotta and Thomas Donovan. The successful merger of Cushman & Wakefield and DTZ closed September 1, 2015. The firm now operates under the iconic Cushman & Wakefield brand and has a new visual identity and logo that position the firm for the future and reflect its trusted global legacy and wider history. The new Cushman & Wakefield is led by chairman & CEO Brett White and global president Tod Lickerman. The company is majority owned by an investor group led by TPG, PAG, and OTPP.