Top 5 Retail Building Sales—August 2020
- Sep 29, 2020
- 901 Drew St., Brooklyn
Sale Price: $19,506,173
The Domain Cos. Sold the property at 901 Drew St. in a portfolio transaction that included an apartment complex know as Spring Creek Gardens Apartments located at 902 Drew St. The total sales price amounted to a combined $79 million. The buyer was K & R Preservation, a New York City-based affordable housing development firm. PNC Bank provided a $62.3 million Freddie Mac loan, which carries a 5.4 percent interest rate and is scheduled to mature in August 2027.
- 301 W. Fourth St., Manhattan
Sale Price: $8,612,500
A private investor sold the 3,007-square-foot asset to an entity affiliated with RFR Realty. M&T Bank provided $6 million in acquisition financing, which carries a 5.5 percent interest rate and an August 2050 maturity date. Located on the corner of West Fourth Street and Bank Street, the three-story property was completed in 1910. The closest subway station is less than 1 mile away, at the NW corner of Seventh Avenue and 12th Street, providing access to the F/L/M/1/2/3 lines.
- 2182-2188 White Plains Road, Bronx
Sale Price: $8,000,000
Developed on a 0.3-acre lot in 1931, the one-story building encompasses 9,500 square feet and includes six commercial units. Public records show that the seller had owned the property since 1978. Starbucks and The Children’s Place are among current tenants. Nearby transportation options include the 2/5 subway lines at the SE corner of White Plains Road and Pelham Parkway, as well as the BX12+ bus route at the intersection of Pelham Parkway and White Plains Road.
- 533 Park Ave., Brooklyn
Sale Price: $5,800,000
Brooklyn-based Park Avenue Building and Roofing Supplies sold the 11,700-square-foot building at 525-533 Park Ave. in a portfolio deal that also included two adjacent properties, located at 535 Park Ave. and 537 Park Ave. The new owner secured $5.8 million in acquisition financing from a private lender. The mortgage is scheduled to mature in August 2030 and carries a 6.5 percent interest rate. The properties are nearest to the G subway line at the SW corner of Union and Flushing avenues.
- 5704 Eighth Ave., Brooklyn
Sale Price: $5,800,000
The three-story building encompasses 3,120 square feet and features two commercial units. A private lender facilitated the transaction with a $3.1 million acquisition loan that carries a 4.5 percent interest rate until September 2024, followed a 5 percent interest rate to be paid until September 2040. Terms of the financing include equal monthly installments of $19,612. Mango Wireless, Five United Market and Spring Time Corp. are among the commercial tenants at the property.