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“The seller was able to capitalize on strong market conditions and sell at a great price due to the demand of the University City submarket,” says Ken Wellar, managing partner at RRA.
With $15 million in renovations, the Brooklyn theater constructed in 1928 was previously slated for conversion into condominiums. Instead the film house had its first weekend screenings.
The IBO stressed in the report that it does not expect the economic expansion, which began after the 2008-2009 expansion to end, to end and does not foresee a steep slide through at least 2022.