BLDG acquires $17M Brooklyn retail development

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Lloyd Goldman’s BLDG Management has acquired a two-story
retail building in Brooklyn for $17.25 million.

Cushman & Wakefield announced today that it arranged the
sale of 2076-2084 86th Street, a newly redeveloped 7,806 s/f two-story retail
building located at the southwest corner of 86th Street and 21st Avenue.

Developed by Jeff Sutton’s Wharton properties, the property
is currently occupied by corporate tenants Bank of America and Chipotle.

A Cushman & Wakefield team of Jordan Sutton, Andreas
Efthymiou, Robert M. Shapiro and Christopher Sheldon represented the seller in
the transaction.

“This was an exceptional opportunity to acquire a fully
redeveloped, well-performing retail asset in a high-demand area of Brooklyn,”
said Efthymiou. “The asset is located in the borough’s core business district
of 86th Street and 21st Avenue and is anchored by two high-quality and
long-term tenants.”

Located in Downtown Brooklyn, this asset is situated in the
area’s premiere commercial and retail corridor in proximity to public transit
hubs, including the D train and the 20th Avenue and Bay Parkway train stations,
and is in the company of other prestigious tenants such as Chase Bank,
Starbucks, GAP and Investors Bank. The building recently underwent a complete
redevelopment in last year, with a second story being added, as well as a new
roof and interior upgrades.

“This is an excellent investment and we’re pleased to have
found the right buyer for our valued client,” added Jordan Sutton.

Brooklyn is home to 2.6 million residents and boasts ample
entertainment and culinary experiences, trendy boutiques, galleries and
theatres. The borough has significantly benefitted from the tech and innovation
sector, with more than 1,200 tech startups throughout the region. Since 2008,
the sector has grown by 356 percent, only second to San Francisco in the US for
all the tech hubs nationwide.

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