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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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- ◦Sale/Acquisition
