Retail investors pay $10M for Flatbush properties

Chehebar, Cayre, Adjmi partner to buy 50,000 square feet of selling space

New York /
Jan.January 16, 2012 03:30 PM

A group of retail-focused investors led by the Chehebar brothers closed this past Friday on the $10.14 million acquisition of three adjacent parcels in a retail hub of Flatbush known as the Junction, a representative for the buyers told The Real Deal.

The buying group was headed by Ike and Elliot Chehebar’s Jackson Group and also included Aurora Capital’s Robert Cayre and A&H Acquisitions’s Alex Adjmi. All three firms own significant retail properties in New York City.

The Brooklyn portfolio, sold by Flatbush Federal Savings Bank, includes its three-story, former headquarters at 2146 Nostrand Avenue at the intersection of Flatbush Avenue and Hillel Street, and the parcels 2158 and 2166 Nostrand Avenue. The entire package includes 170 feet of frontage, and will provide about 50,000 square feet of retail space, Jonathan Nachmani, a vice president at the Jackson Group, said.

The sale has not yet appeared in city property records. Flatbush Federal did not respond to a request for comment.

Last August, A&H announced a 20-year triple-net lease with Dallas BBQ for 15,500 square feet in the bank’s former space with an asking rent of $700,000, the New York Post reported. By then, the buyers controlled the site through a contract they signed in March 2010, public records show.

Additional tenants for the location include Blink Fitness, a mass-market division of the Related Companies’ subsidiary Equinox Fitness Clubs, which will occupy a newly constructed building where there is now a parking lot at 2166 Nostrand Avenue. The adjacent White Castle restaurant at 2158 Nostrand Avenue will be replaced by a Steak ’n Shake by the third quarter of this year, Nachmani said. — Adam Pincus

 

Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
(Super Gen via Twitter/ArjunKharpal, Getty)

Ready players: 5M-sf e-sports complex rises in Shanghai

Ready players: 5M-sf e-sports complex rises in Shanghai
News of President-elect Biden’s $1.9T stimulus plan held promise for employment and economic activity. (Getty)

Real estate stocks hold gains even as market doesn’t

Real estate stocks hold gains even as market doesn’t
Tommy Hilfiger and his recently sold estate in Greenwich, CT. (Getty, Janet Milligan)

Tommy Hilfiger’s Greenwich estate sells for $45M

Tommy Hilfiger’s Greenwich estate sells for $45M
Jenna Ryan was part of a group who flew on a private plane from Denton, TX, to Washington, D.C., with the intention of joining the protestors (Twitter.com/DotJenna)

Texas Realtor faces criminal charges for role in Capitol attack

Texas Realtor faces criminal charges for role in Capitol attack
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...