- Represented seller
- Development site
488 4th Ave, Brooklyn, NY 11215
Additional Information
| City | Brooklyn |
|---|---|
| Broker | Mark Akilov, Yuriy Ustoyev |
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Details: AssetCRG handled this sale transaction in which the building owner needed a quick sale in a timely and professional matter. AssetCRG represented the purchaser, a developer, who saw the analyzed value and potential and engaged in a quick all-cash transaction. The building is roughly 35,000 square feet. AssetCRG subsequently leased the building to two national tenants: Children of America and Retro Fitness.
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- 8-unit building
- Represented the seller and buyer
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Remarks at Closing:
– Closed for 5.1% CAP
– AT&T has been a tenant for 15 years
– Recently completed a 10-year term and 5-year option ending in Dec. 2017 & has renewed early and requested (2) 3-year extensions on existing renewals
– Tenant has done a complete interior renovation and is strongly committed to the site
– High traffic busy corner location, many national retailers located nearby, out-parcel to a larger center
– Landlord pays taxes/CAM and 100% reimbursed by tenant. LL responsible for roof/structure
