Top 5 Retail Building Sales—September 2020
- Oct 26, 2020
- 5002 13th Ave., Brooklyn
Sale Price: $24,330,000
NorthEnd Equities sold the 40,800-square-foot property, also known as Solomon Plaza, in transaction recorded in mid-September. Located in Borough Park, the two-story building encompasses 16,000 square feet of retail, 16,000 square feet of office and 8,800 square feet of underground parking space. Nearby transportation options include the D subway line at the NE corner of New Utrecht Avenue and 50th Street, as well as the B16 bus line at the intersection of 13th Avenue and 50th Street.
- 78 Morton St., Manhattan
Sale Price: $19,920,000
The West Village property, originally built in 1864 and commonly known as the “Red Rover”, served as a fire house and later became Engine No. 24, managed by the FDNY until 1975. The 7,281-square-foot building was converted into a townhouse and, thanks to its previous firehouse use, also includes a garage with space for four cars and an excavated cellar. The asset, which is close to the 1 and 2 trains at Houston Street, previously traded for $5 million in 2009.
- 416 Metropolitan Ave., Brooklyn
Sale Price: $19,000,000
The 3,300-square-foot Williamsburg property changed hands with financial assistance from The Bank of Princeton, which originated a $16.8 million acquisition loan for the transaction. Constructed in 2010 on a 0.4-acre site, the one-story building previously served as a Capital One Bank branch. The G-L subway line at the NE corner of Union and Metropolitan avenues, as well as the B24 bus line at the intersection of Marcy and Metropolitan avenues are among nearby transportation options.
- 2870 Ocean Ave., Brooklyn
Sale Price: $15,500,000
An entity affiliated with the Chetrit family purchased the one-story, 22,714-square-foot retail building. Signature Bank facilitated the deal with $9.8 million in acquisition financing. The long-term mortgage carries a 6.5 percent interest rate and is scheduled to mature in August 2030. The property last changed hands in 1998. The closest subway station is less than a mile away, at the SE corner of 15th Street and Sheepshead Bay Road, providing access to the B-Q line.
- 138-23 Queens Boulevard, Queens
Sale Price: $12,950,000
The one-story Briarwood building encompasses 17,175 square feet across four commercial units on a 0.6-acre site. The seller marketed the property with more than 89,000 buildable square feet and an additional 20,000-square-foot bonus option. Featuring 225 square feet of frontage on Queens Boulevard, the property’s tenants at the time of sale included Crystal Palace, Key Food and Regina and Sons Corp. Nearby transportation options include the F subway line at the SW corner of Van Wyck and Queens boulevards, as well as the Q20A bus line at the intersection of Queens Boulevard and 86 Avenue.