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Crown Acquisitions Buys Retail Property in Greenpoint

Compiled by Linda Collins

Brooklyn Daily Eagle

 

GREENPOINT — Crown Acquisitions Inc., well known for its portfolio of retail properties on Fulton Mall where it got its start 50 years ago, reports three transactions in the month of December for retail properties in Brooklyn, Queens and Staten Island.

 

The firm reports that it invested close to $20 million to purchase and redevelop the three assets and, in tandem with the closings, arranged leases with major national tenants.

In Brooklyn, Crown acquired a two-story, 10,000-square-foot building at 765 Manhattan Ave. in Greenpoint for approximately $3.5 million. The new lease for the partially vacant property is with TD Bank.

 

“We have been dedicated to the acquisition and value enhancement of retail properties in Brooklyn and New York’s outer boroughs for three generations,” said Crown’s Isaac Chera. “This is where we got our start and remains a primary focus for us. We believe in the outer boroughs and look forward to continuing to expand our holdings there.”

Crown’s other December acquisitions included 37-80 Junction Boulevard  in Corona, Queens, for approximately $10 million and a subsequent lease of the 12,000-square-foot building to Duane Reade; and 3881 Richmond Ave. in Heartland Village, Staten Island, for approximately $3 million, which was a Blockbuster video store that is being combined with a corner lot to accommodate a new branch of Bank of America.

 

Crown’s portfolio of ownership interests, which totals 15 million square feet, also includes properties in Chicago, Toronto, Philadelphia, Boston and Miami.  In Manhattan, the company's portfolio includes 666 Fifth Ave., 358-362 Fifth Ave., 1 West 34th St. and 600 Broadway.

January 12, 2012 - 11:27am


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