Brooklyn property.
NEW YORK CITY- L+M Development Partners has completed the sale of a 99-year leasehold interest at 250 Utica Ave. in Brooklyn. Newmark Knight Frank arranged the transaction on behalf of the L+M. The $13.9 million sale of the new construction property was negotiated by Vice Chairmen Barry Fishbach, Senior Managing Director Brian Segall and Managing Director Gary Meese.
Standing four stories tall, 250 Utica Ave. is a 61,230-square-foot retail building located in Crown Heights at the northwest corner of Utica Avenue and Lincoln Place. L+M built the property in 2015, which adjoins a 12-story 87-unit residential building. The building's retail is 95% leased with tenants that include Blink Fitness, CityMD, Dollar Tree and the Brooklyn Kids Academy. There are 91 years remaining on the recently restructured leasehold.
"As part of our successful partnership with L+M, we guided the sales process of 250 Utica Avenue and found a high-quality buyer for this newly constructed asset," said Fishbach in a prepared statement. "The property's location and deeply qualified and stable tenant roster make it a prominent retail acquisition."
Located one block away from 250 Utica Ave. is the Eastern Parkway and Crown Heights-Utica Avenue subway station, servicing the 3 and 4 express trains. The property is also near major bus routes and other transit hubs.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
