New York, NY – An opportunity to snag amazing retail space, with 78 feet of frontage along the northern side of Atlantic Avenue—one of the leading shopping thoroughfares spanning the boroughs of both Brooklyn and Queens—has just been announced by Eastern Consolidated.
The firm has been tapped to sell the 7,745-square-foot retail component of the Boerum Heights Condo in Brooklyn at an asking price of $9.95 million.
Eastern Consolidated Director Gabriel Saffioti, Associate Directors Alexander Erdos and Nicole Rabinowitsch, with Senior Financial Analyst Paul J. Nigido, comprise the team spearheading the marketing initiative.
“Rarely does such an exceptional investment opportunity present itself,” noted Mr. Saffioti. “Built in 2006, the Boerum Heights Condominium boasts an incredible location, only footsteps from Brooklyn’s Atlantic Terminal, the third-largest mass transportation hub in New York City, reported to accommodate 40 million passengers each year.”
The condo’s commercial space is currently on a long-term lease to Memorial Sloan-Kettering Cancer Center (MSKCC), ensuring steady cash flow will be forthcoming. MSKCC made significant medical office improvements in 2009 at the commencement of their lease.
“We are already fielding preliminary queries, as there is extraordinary demand for well-located, modern, retail real estate investment opportunities in Brooklyn,” noted Mr. Saffioti.
Situated in close proximity to Atlantic Commons Shopping Center between 3rd and 4th Avenues and Barclays Center, the building can be directly accessed via a plethora of subways—the 2, 3, 4, 5, B, D, N, Q and R trains and the Long Island Railroad are all within walking distance.
“There are very few retail condos available with such a strong investment profile,” said Mr. Saffioti, who added that by leveraging its stellar Atlantic Avenue location with such a creditworthy tenant, an investor could ultimately realize returns that outperform Brooklyn’s commercial real estate market.
Founded in 1981, Manhattan-based Eastern Consolidated is one of the country’s preeminent full-service real estate investment services firms, offering unrivaled expertise in the greater New York marketplace to an impressive worldwide roster of institutional and private investor clients. The 40-person team of brokers, who, combined, offer fluency in 11 languages, come from a wide diversity of entrepreneurial and professional backgrounds. With annual sales up to $4 billion, Eastern Consolidated focuses on the acquisition, disposition and finance of all types of properties.