News:
Brokerage
Posted: July 19, 2018
Svetlakou of Marcus & Millichap retained to exclusively handle the sale of fully leased retail asset in Brooklyn
Marcus & Millichap
Brooklyn, NY Marcus & Millichap has been retained on an exclusive basis to arrange for the sale of 1029 Brighton Beach Ave., a fully leased retail asset servicing the diverse community of Brighton Beach.
“Home of Gourmanoff Supermarket and Master Theater, this is truly an iconic property with impressive cultural heritage and even brighter future.” said Alex Svetlakou of Marcus & Millichap, who is representing the seller.
Located on the Northeast corner of Brighton Beach Ave. and Brighton 11th St., the property consists of 51,153 s/f with 134 ft. of frontage on Brighton Beach Ave. and 272 ft. on Brighton 11th St. The building is comprised of ground floor retail, second floor offices, and a premier 1,326 seat live performance theater.
In addition to benefiting from 24,000 as-of-right commercial or 81,000 community facility buildable s/f, offering tremendous value for long-term future development, the site occupies retail tenants such as Chase Bank, Citibank, HSBC Bank, Northfield Bank, Bank of America, Apple Bank, Investors Bank, Valley National Bank, Walgreens, AT&T, T-Mobile, Sprint, Starbucks, and Dunkin Donuts.
“One of Brooklyn’s prime competitive advantage to other boroughs is a more affordable cost of doing business. The high average median income has attracted some of the wealthiest retail tenants to service the well-established neighborhoods of Brighton Beach, Manhattan Beach, Sheepshead Bay and Coney Island,” said Svetlakou.
With over 1,800 investment sales and financing professionals located throughout the U.S. and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed nearly 9,000 transactions in 2017 with a value of $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.
Tags:
Brokerage
MORE FROM Brokerage
Lee & Associates NYC arranges 15-year retail lease for Breeze at 590 Fulton St.
Brooklyn, NY Lee & Associates NYC arranged a new 15-year retail lease for Breeze, a modern Sichuan and Dim Sum restaurant, at 590 Fulton St. in the city’s Fort Greene neighborhood.
Columns and Thought Leadership
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian
There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman
July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
.gif)