East New York Retail Bldg Sells for $3.2M

Winick Realty Group reports the sale of a retail building in East New York.

The property, at 80 Jamaica Ave., sold for $3.2 million, according to Senior Managing Director Zach Mishaan, who negotiated the acquisition on behalf of the buyer, who prefers to remain unnamed. The three-story retail property The 17,676-square-foot building features 5,900- square-foot floor plates on each floor and sits on a lot that measures 30,000 square feet. The ground floor retail has been home to a Citibank branch since 1973 and the tenant will remain in place for the duration of its long- term lease, according to Mishaan.

"The buyer was attracted to the future development potential inherent in a lot of that size," he said. "The secured tenancy was also a strong asset in this purchase."

The seller was represented by Ken Zakin, Hymie Dweck, and Randall Liberman of Newmark Grubb Knight Frank.