A 4,000-square-foot Bank of America branch location under construction at 6601 18th Avenue in Bensonhurst, Brooklyn has changed hands for $8.45 million, city records show.
The property sits on the corner of 66th Street and 18th Avenue, which is also known as Cristoforo Colombo Boulevard and is one of the neighborhood’s most heavily-trafficked thoroughfares.
Massey Knakal marketed the property, originally for $9.75 million, as offering “a high yield, management free investment opportunity in the heart of one of Brooklyn’s fastest growing middle-class neighborhoods.”
Capstone Equities has scooped up a prominent retail corner location at 1-9 Flatbush Avenue in Brooklyn, with plans to reposition the retail and potentially use the air rights on the current structure to tack on a residential component, sources tell The Commercial Observer.
City records confirm that the firm paid $14.25 million for the two-story property, and a source familiar with the company said the plan is to draw in a stable retailer then assess the options to use the 50,000 square feet of air rights to build residential units – and possibly dormitories.
The owner of the old Lenox Lounge in Harlem has signed a 15-year lease on a new beginning at 333 Lenox Avenue.
The renowned Harlem jazz club, founded in 1939, is set to reopen sometime this summer after owner Alvin Reed was forced to move from the club’s neighborhood staple just two blocks away at 288 Lenox Avenue, due to an insurmountable rent increase.
The original location was host to performances by jazz greats including Billie Holiday, Miles Davis, and John Coltrane.
Winick Realty Group has been selected by Brookfield Office Properties to exclusively market 40,000 square feet of vacant sub-level retail space at One New York Plaza.
The space, damaged during Hurricane Sandy and slated to be rebuilt and repositioned, makes up the concourse level of the 2.6-million-square-foot Class A tower, with entryways on Whitehall, Broad and Water Streets.
Equity One Inc., the Miami shopping-center owner, developer and operator, has just acquired five properties in the New York metropolitan area and is in the process of acquiring a sixth property in Bethesda, Md., for a total investment of $302.5 million.
“These acquisitions are consistent with our strategy of owning retail properties in urban markets with visible growth through contractual rent increases, below-market rents and redevelopment opportunities,” said Jeff Olson, CEO of Equity One.
Chase Welles never needed a Manhattan office address to execute big deals. But now he has one, and a new firm too.
For years, Mr. Welles has been one of the city’s top retail brokers despite being based in White Plains—an unusual headquarters for such a prolific and successful deal-maker in Manhattan, well-known for its clubby retail industry.
Recently, however, Mr. Welles relocated to an office overlooking Columbus Circle. Meanwhile, the firm where he is a principal, Northwest Atlantic, merged with the Shopping Center Group, a national retail services company in Atlanta.
Brokerage firms Cushman & Wakefield and Colliers International are said to be testing out a new technology that tracks the amount of foot traffic and automobile traffic around their buildings.
The technology, Motionloft, is backed by eccentric NBA owner and billionaire Mark Cuban and employs sensors to track the number of people entering a building, as was first reported by The Real Deal.
The San Francisco-based company has reportedly already put sensors along Broadway while also planning to add ones in Times Square and “another Midtown location.”
The American drug retail company, CVS, will be opening a new retail location in Chelsea.
The company will take a 10,000 square foot unit at 500 West 23rd Street on the corner of 10th Avenue.
Ross Kaplan, a senior managing director at Newmark Grubb Knight Frank and broker for the tenant, noted that the “expanding Read More