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Gazit Expands NYC Footprint with Williamsburg Retail
Gazit-Globe’s Gazit Horizons subsidiary has acquired a 60,000-square-foot retail condominium complex in Brooklyn’s Williamsburg section. Representing the retail component of The Edge, a master-planned mixed-use complex, the acquisition is Gazit’s second in Brooklyn in the past two months and third overall locally.
Jeff Mooallem, CEO of Gazit Horizons, said it made “a ton of sense” to add The Edge Retail to the company’s New York portfolio. “We have been tracking Williamsburg for some time, and believe that The Edge is the ideal combination of location, tenancy and attractive basis for our business model,” he said. “There are several notable projects already in development to the north and south of us, so we believe Williamsburg’s waterfront expansion will continue and The Edge will benefit from additional growth in population, in office workers, and in ferry ridership.”
HFF’s Andrew Scandalios and Rob Rizzi represented the seller in the $47.3-million transaction.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
