Sales Beat

Madison Capital and Institutional Owner Pay $80 M for Five Properties Across the Boroughs With Citibank Retail

181 Montague Street, Brooklyn Heights

A joint venture between Madison Capital and an institutional owner has purchased a portfolio of five Citibank retail bank branches across Manhattan, Brooklyn, Queens and the Bronx for $80.55 million.

A team from Newmark Grubb Knight Frank led by Kenneth Zakin arranged the sale and is exclusively marketing seller FGP West Street’s New York portfolio of 18 Citibank-leased properties purchased from Citibank in 2007.

“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 Mr. Zakin, who brokered the transaction with Randall Liberman and Hymie Dweck, adding that Madison Capital solidified the deal following a competitive bidding process.  “Madison Capital stepped up and submitted an aggressive bid for the five-property portfolio.” Read More

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Fulton Maul: Culture Clash Ensues in Downtown Brooklyn

Armani Exchange at the City Point Development

With the long-awaited Barclays Center open and new residential and mixed-use development projects popping up across Downtown Brooklyn, a retail conundrum is growing along the 17-block Fulton Mall.

The national and in some cases high-end retailers moving onto the strip paint a stark contrast to the long list of mom-and-pops, local discounters and jewelry shops that once almost exclusively lined the street. Read More

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A Mall Grows in Bushwick?

Could 82 Bogart Street attract... these hipsters?

For more than five years, an exodus of the young and hip from the aluminum-siding-studded homes of Williamsburg, Brooklyn, has been flowing southeast into neighboring Bushwick.

But now a nascent 80,000-square-foot retail and nightlife complex at 82 Bogart Street threatens to cement the neighborhood’s imminent transformation from underground hipness to mainstream retail success once and for all. Read More