Top 5 NYC Retail Building Sales—June 2024
Source: PropertyShark, a Yardi Systems Company
2134 Coyle St. & 2144 Coyle St., Brooklyn
Sale Price: $24,371,125
Slate Property Group acquired three retail buildings totaling 31,111 square feet in Brooklyn’s Sheepshead Bay neighborhood. The purchase was backed by a $19.5 million acquisition loan originated by an entity connected to Fundamental Advisors. The seller of the three single-story buildings is a private entity. In 2022, the site received approvals for a residential development expected to come online by 2027, according to New York Business Journal. The same source reveals that the new ownership plans to construct a seven-story, 125,000-square-foot residential building that will bring 175 apartment units in the area.
2837 Coney Island Avenue, Brooklyn
Sale Price: $16,000,000
A private investor acquired the one-story, 10,000-square-foot retail property in the same Brooklyn neighborhood from a private individual who has owned it since 2016. The buyer also secured $9 million in acquisition financing from the seller, with a maturity date set for 2028. The freestanding retail property includes 12-foot ceiling heights and is situated within a populated area of the Sheepshead Bay neighborhood, on the Southwest corner of Coney Island Avenue and Avenue Z.
5 Lispenard St. & 1 Lispenard St., Manhattan
Sale Price: $7,900,000
A private entity sold the pair of three-story retail buildings that total 9,425 square feet in Manhattan’s TriBeCa to a private investor. The buyer received $6 million in acquisition financing from an entity related to Urban Standard Capital. The retail assets are originally completed in 1915 and 1998, respectively, and are currently occupied by three tenants.
Sale Price: $6,300,000
The Fata Organization picked up the 2,375-square-foot, one-story retail asset in Manhattan’s Harlem neighborhood from a private seller. The buyer assumed a 2017 loan totaling $2.6 million, which was originally provided by Flushing Bank, and extended it with a new maturity date, set for 2034. The building was completed in 1960 and is currently fully occupied by Aldo Shoes.
Sale Price: $5,000,000
Two private investors picked up the three-story retail buildings totaling 4,000 square feet in East Flatbush from a private seller. The properties date back to 1931 and include additional air rights for future development. There are currently two tenants at the freestanding buildings, with one of them being related to the seller.
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