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New York & Tri-State  + Outer  + Retail  | 

Flatbush Retail Trades in 1031 Exchange

GFI Realty Services has arranged the $10.2-million sale of 1032-1038 Flatbush Ave., a newly built, 18,000-square-foot retail property in Brooklyn’s Flatbush section. Managing director Yosef Katz represented the buyer, a local investor, while associate director Yisroel Pershin advised the seller, Madd Equities.

The three-story building is fully leased to two credit tenants, Crunch Fitness and Taco Bell, whose leases expire in 20 and 10 years, respectively. GFI notes that 1032-1038 is centrally located in a densely occupied commercial district.

“Madd Equities did an excellent job of creating value by developing the property from the ground up, and leasing it to major national tenants,” said Pershin. “It’s rare to find such strong, well-tenanted assets on the market in this area of Brooklyn, and this property met with a lot of demand.” Katz noted that the buyer sought opportunities to complete a 1031 exchange.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition