Thor Equities purchased a 1,824-square-foot ground-floor retail condominium at 68 Washington Avenue near the Brooklyn Navy Yard for $900,000, Commercial Observer has learned.
Thor is seeking a restaurant or bar tenant for the Clinton Hill property that the company closed on in the last week of October, noted Andre Sigourney of the CPEX Real Estate retail investment sales team.
“This particular block on Washington Avenue is undergoing a tremendous transformation,” Mr. Sigourney said in a prepared statement. “This stretch along Washington Avenue has seen its retail [get] revitalized recently, fueled in large part by the proximity of the Brooklyn Navy Yard and Steiner Studios. Thor Equities has been extremely active in the retail condo market, and this purchase shows the growing potential of retail properties in the area.”
Mr. Sigourney and his CPEX colleague Harrison Balisky arranged the transaction for both the buyer and the seller, whose identity he declined to disclose. The sale, which calculates to $493 per square foot, hasn’t hit property records yet.
The mixed-use building with two retail spaces, one office space and three residential units sits close by the Chocolate Factory Building, a converted residential loft that HK Organization and Brickman recently purchased for $68 million, as CO previously reported. That sale still represents the largest existing multifamily or mixed-use transaction in Brooklyn this year, Mr. Sigourney said.