Shafran of Citicore sells 525-45 Broadway for $32.85 million; Reps buyer, Blesso Properties and seller, Broad and Boerum

Brooklyn, NY In a $32.85 million, Manhattan-based developer Matt Blesso acquired a 192,000 s/f mixed-use development site at 525-45 Broadway in Williamsburg that includes the long-standing Lincoln Savings Bank building. Benjamin Shafran of Manhattan-based Citicore represented the buyer, Blesso Properties, and the seller Broad and Boerum, LLC. The property had been on the market for some time, according to Timour Shafran and Gem Algan, managing partners of Citicore. “This is our first major deal in Brooklyn, we are excited,” said Algan. According to Shafran, the planned development will include retail, rental apartments and commercial space. It will include renovation of the beautiful old Lincoln Savings Bank which is on the site. Citicore is a full-service investment property sales firm, specializing in emerging neighborhoods throughout the five boroughs of New York City and surrounding metro regions. With a foundation built on more than three decades of success, the Citicore approach is backed by a wealth of experience in all facets of the real estate industry, including development, brokerage, and property management.