The Real Deal New York

Infinity plans 60K sf addition to Midwood retail center

The fully-leased Kingswood Center already spans 160K sf

June 24, 2015 02:55PM

Steve Kassin and 1630 East 15th Street in Midwood

Steve Kassin and rendering of 1630 East 15th Street in Midwood

A partnership led by Infinity Real Estate is looking to add 60,000 square feet at a mixed-use property that it bought in Midwood, Brooklyn last year.

The group wants to add two floors to the 160,000-square-foot Kingswood Center at 1630 East 15th Street, which is 100 percent occupied with tenants including retailer TJ Maxx and NY Sports Club.

Infinity and partner Nightingale Properties acquired the Kingswood Center and another property – a 22,000-square-foot development site holding a 300-space parking garage – for $79.1 million last year.

A CPEX Real Estate Services team led by Timothy King is marketing the planned 60,000-square-foot addition. Asking rent for the new space is in the low $40s per square foot, according to the New York Observer.

Alan V. Rose Realty Company built the shopping center, between Kings Highway and Avenue P, in 2007. The area’s zoning changed while Rose was building the project and the developer could have added another 60,000 square feet of space on top, but was unable to max out the floor area ratio due to move-in commitments to certain tenants. [NYO]Rey Mashayekhi