New York & Tri-State + Outer + Retail | January 26, 2022

JLL Capital Markets arranged the $17.25-million sale of a two-story retail building in Brooklyn’s Park Slope neighborhood to Israel-based Gazit Horizons

Gazit Horizons Picks Up Park Slope Retail

JLL Capital Markets closed the $17.25-million sale of 555 Fifth Ave., a two-story retail building in Brooklyn’s Park Slope neighborhood. JLL represented the seller, Fifteenth and Fifth LLC. Israel-based Gazit Horizons acquired the property.

The building features a total of 21,016 rentable square feet, with a portion of the 7,300-square-foot first floor currently leased to Sherwin Williams Paints and the 6,800-square-foot second floor and the 7,300-square-foot basement leased to Crunch Fitness.

The JLL Capital Markets team representing the seller was led by managing director Michael Mazzara; senior managing directors Brendan Maddigan and Stephen Palmese; managing directors Winfield Clifford and Ethan Stanton; and VP Patrick Madigan. Senior managing director Alex Sharrin and director Alex Geanakos provided net-lease services.

“The asset provides current cash flow from credit tenants while being extremely unique in that it comprises of over 20,000 rentable square feet of commercial space in Park Slope,” said Mazzara.

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JLL's Mazzara

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 GlobeSt.com 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).

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