Bay Ridge Retail Portfolio Hits Market
Daniel Edward Rosen July 3, 2012, 8:30 a.m.
Four Brooklyn retail properties on 86th Street will be hitting the market as a single portfolio and are expected to fetch upwards of $55 million.
The properties, which are located at 420 86th Street, 502-512 86th Street, 514 86th Street and 526-528 86th Street, all in Bay Ridge, are currently owned by The Gindi family. The sale of this portfolio is being handled by Massey Knakal Realty Services.
“I can’t recall anything this sizable in Brooklyn coming to market,” said Bob Knakal, chairman of Massey Knakal.
420 86th Street is a two-story, 3,500 square-foot building that’s situated near a Century 21 Department Store, Massey Knakal says in a press release.
502-512 86th Street is a three-story, 39,000 square feet that is currently being leased out by Citi Group and TJ Maxx. The building offers 125-feet of frontage on 5th Avenue in Bay Ridge, and can offer 100 feet of frontage on the 86th Street side of the property.
514 86th Street is a four-story, 6,300 square-foot property that consists of four units. Two of them are residential, the other two are commercial. A ground floor commercial space is currently being leased to Starbucks. That lease is not set to expire until February 2017.
The last property in the portfolio, 526-528 86th Street, is a four-story mixed-use building sized at 9,600 square feet. Mothers Work Inc. is currently leasing the first floor of the property until May 2014.
“We suspect that because of their close proximity to one another, this portolio will have a single buyer,” said Mr. Knakal.