Brownsville Commercial Building on the Market for $6.5M
Gus Delaporte June 12, 2014, 7:30 a.m.
Eastern Consolidated is marketing a 22,500-square-foot commercial building at 50-54 Belmont Avenue in the Brownsville section of Brooklyn, Commercial Observer has learned. The asking price for the property is $6.5 million.
The two-story building is fully occupied by two tenants on long-term leases. Brightside Academy, a child care and early education center, shares the building with Fiesta Adult Daycare Center.
The building boasts two elevators and was the subject of a $1.6 million capital improvement plan in 2012, according to a statement.
“This income-producing asset maintains an in-place revenue stream with tenants that have strong financial profiles and credit worthiness,” said David Schechtman, a principal and executive managing director at Eastern Consolidated, said in a prepared statement. “The offering is suitable for investors seeking 1031 exchange investments and requires little management, administrative duties, and net lease structures.”
Mr. Schechtman represents the seller, M&M Realty Corporation, along with Gary Meese, a senior director of financial services, Elie Dayan, an associate director, and Abie Kassin, an associate director.
Mr. Schectman was not immediately available for further comment.