The Real Deal New York

Harbor Group grabs Flatbush retail properties for $22M

Emmes Asset Management paid nearly $18 million for them in 2013

April 29, 2015 05:50PM
By Claire Moses

From left: 845 Flatbush and Harbor Group's Jordan Slone

From left: 845 Flatbush Avenue in Flatbush and Harbor Group’s Jordan Slone

Harbor Group International has picked up a pair of contiguous two-story retail properties in Flatbush from Emmes Asset Management for $22 million, The Real Deal has learned.

Emmes Asset Management, a Midtown East-based commercial landlord, acquired the properties at 833-847 Flatbush Avenue in 2013 for $17.5 million.

The buildings, which collectively total more than 30,000 square feet, are roughly 93 percent occupied and include tenants such as 7-Eleven, Carver Federal Savings Bank, Blink Fitness and an AT&T store, according to a spokesperson for Emmes Asset.

The Moshe Group’s Moshe Majeski was the sole broker on the transaction.

A representative for Harbor Group could not be immediately reached and Emmes declined to comment.

Emmes bought the retail property last year, as part of the NYC Interborough Fund, through which the firm made investments across the five boroughs. Recent purchases include the Zipper Factory at Austell Place in Queens for $13.5 million and the Kestrel at 23-49 Caton Place in Brooklyn for $75.9 million. In June, Emmes bought a six-story former warehouse in Astoria for $30 million.

Before Emmes, Times Square-based investment firm Jem Realty Management — which bought the Alhambra in Harlem last year — owned the properties for about 10 years, records show.

Earlier this year, the Harbor Group, a Virginia-based investment firm that owns several office properties in New York, was looking to sell an eight-story rental building on the Upper East Side for $29 million. In December last year, Harbor Group picked up two commercial properties on East Fordham Road in the Bronx for $34.6 million.