The Real Deal New York

Crown Acquisitions snaps up Brooklyn, Staten Island retail

Tenants include Planet Fitness, Vitamin Shoppe

May 06, 2014 05:55PM

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From left: Crown Acquisitions' Isaac Chera and a Planet Fitness

From left: Crown Acquisitions’ Isaac Chera and a Planet Fitness

Crown Acquisitions, the retail-focused firm that was a minority partner in the $250 million purchase of the Old Navy in Herald Square, is now setting its sights on the outer boroughs.

The firm recently spent close to $25 million for two retail spaces in Brooklyn, and another in Staten Island.

“We are constantly looking for good retail in the boroughs,” Isaac Chera, a principal at Crown Acquisitions, told Crain’s. “We have a strong appetite right now.”

Among the firm’s recent buys is a 20,000-square-foot retail space 2007 86th St. in Bay Ridge, Brooklyn, which the firm purchased for $15 million. While in the process of closing that deal, Crown Acquisitions also signed a Planet Fitness gym and Vitamin Shoppe to fill the vacant space.

Crown Acquisitions snatched up a former Con Edison billing and administrative facility at 441 Rockaway Parkway in South Brooklyn, which it leased to Planet Fitness as well. Another 8,000-square-foot acquisition at 603 Forest Ave. near St. George on Staten Island is a stone’s throw from where Rich Marin’s New York Wheel and BFC Partner’s Empire Outlets are being developed. [Crain's] - Kerry Barger

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