NEW YORK—FGP West Street has sold a portfolio of five Citibank retail bank branches in the New York metropolitan area for approximately $80.1 million. The Newmark Grubb Knight Frank (NGKF) Capital Group team led by Kenneth L. Zakin marketed the portfolio on behalf of the seller.
A joint venture between Madison Capital and an institutional owner purchased the five branches.
“We are thrilled to complete the sale of this core group of properties, which consisted of the most valuable assets in the entire portfolio,” said Zakin. “The very prime location of each of the properties, plus their ultimate redevelopment potential, combined a stable and growing income stream with future value creation opportunities for the buyer.”
The properties include:
• 181 Montague Street, a 20,256-sq.-ft. property in Brooklyn Heights;
• 123 East 86th Street, a 7,193-sq.-ft., free-standing Citibank branch located on the Upper East Side;
• 2261 Madison Ave., a 9,635-sq.-ft. retail condominium unit at East 91st Street in Manhattan’s Carnegie Hill neighborhood;
• 107-01 71st Ave., a multi-tenanted 7,083-sq.-ft. property anchored by a Citibank branch in Forest Hills; and
• 1800 Williamsbridge Road, a 13,517-sq.-ft. retail property co-anchored by Citibank and Walgreens in the Morris Park section of the Bronx.