A source close to the deal tells GlobeSt.com that it's still pretty early in the planning stages, however the source did note that it will be a major shopping destination, which the area has never been known for. "The buyer was attracted to the size of the site," the source says. "They were also drawn towards the fact that it has two entrance points to the subway and easy access to the Belt Parkway."
According to records from Massey Knakal, who was the sole broker in the transaction, and PropertyShark.com, this was the largest sale in Sheepshead Bay in the past 20 years and the second largest sale in Sheepshead Bay history. All the commercial leases expire by July 2010.
The properties are located on the north side of Voorhies Avenue between Sheepshead Bay Road and East 14th Street. The 1501 Voorhies Ave. location consists of approximately 83,962 sf of land with a one-story, 8,400-sf building on the property. The lot has a lease that expires in December 2007. The 1600 Sheepshead Bay Rd. portion consists of approximately 12,709 sf of land with an 11,870-sf, two-story, mixed-use building on the property with five retail stores, five offices and one residential apartment.
The source explains to GlobeSt.com that the selling a property for more than $20 million is not the norm in this area. "They made out very nicely," the source adds. "This sale is indicative of a neighborhood emerging. Retail arrives when there is a need."
Combined, the properties contain almost 330,000 commercial buildable sf, or almost 235,000 residential buildable sf. The site is highly visible with impressive frontage on both Voorhies Avenue and Sheepshead Bay Road. The Sheepshead Bay waterfront is located two blocks away and is thriving with numerous restaurants and retail locations.
"The site's irregular, asymmetric configuration and high water table presented design and cost challenges to potential developers," notes Massey Knakal broker Brian Hanson, who exclusively represented the seller with chairman and founding partner Robert Knakal and managing director and partner Brian Leary. "Massey Knakal reached out to developers of all levels from local, regional, national and international markets."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
