Sheepshead Bay shopping center sells for $24 million
July 21, 2008 04:19PM
Loehmann's Seaport Plaza
Loehmann's Seaport Plaza in Sheepshead Bay, Brooklyn, was sold by the Bayrock Group to a group of local and European investors for $24 million. The three-story retail property at 2101 Emmons Avenue, anchored by Loehmann's, occupies 63,000 square feet, in addition to a 50,000-square-foot parking garage. The new owners plan on keeping it a retail center. Erik Yankelovich, who represented the buyers, said the shopping center's rent is about $35 per square foot in a market that commands about $60, but Loehmann's lease isn't expiring anytime soon. The deal was first reported by the blog Sheepshead Bites. TRD
The Real Deal reserves the right to delete any comment it finds to be rude, obscene, racist, sexist, bigoted, irrelevant or repetitive, as well as inappropriate comments about anyone's personal appearance. The Real Deal does not endorse any comments posted on its Web site nor does it verify the veracity of comments or the identity of posters.
Comments
Anonymous
sheepshead bites blog had this story 2 weeks ago
Comment #1 Posted By: Anonymous 07/21/08
Anonymous
this is a good center, occupancy has been stable for as long as i have known. even the sub-grade space seems to be in constant demand. however this deal poses some risk associated with lack of public information on Loehmann's financial situation.
Comment #2 Posted By: Anonymous 07/22/08