Brooklyn retail block trades for $18.5 million

Emmes sells Flatbush strip to investor Isaac Shalom
By Leigh Kamping-Carder | July 24, 2012 11:30AM

An LLC controlled by the Brooklyn real estate investor Isaac Shalom has purchased a block-long stretch of retail buildings — home to a Key Foods supermarket, Papa John’s and Subway franchises and 11 “mom and pop” stores — along Brooklyn’s Nostrand Avenue for $18.5 million, a source told The Real Deal.

Emmes Asset Management, a Manhattan-based real estate investment firm, sold the Flatbush portfolio because it “got a good number,” the source said. The firm acquired the properties in 1997 for an undisclosed sum through an entity called NRP LLC, according to city property records. A representative for Emmes did not immediately return a call seeking comment.

Purchased by Shalom’s Nostrand Retail Group LLC, the portfolio includes 14 one-story buildings between Foster and Newkirk avenues, comprising 34,000 square feet of rentable retail. The addresses, situated on the east side of the street, are 1875 Nostrand Avenue through 1925 Nostrand Avenue. Shalom could not immediately be reached.

The deal closed on July 18 but has not yet appeared in city property records.

Ivan Hakimian, founder of HPNY, represented both parties and structured the off-market transaction.

Nearby, Flatbush Federal Savings Bank sold three adjacent properties at No. 2146, No. 2158 and No. 2166 Nostrand Avenue for $10.14 million in January. The group of buyers, led by Ike and Elliot Chehebar’s Jackson Group, included Aurora Capital’s Robert Cayre and A&H Acquisitions’ Alex Adjmi, as previously reported. That portfolio included the bank’s former headquarters and provided about 50,000 square feet of retail space.

Emmes has also been involved with other retail sales this year. In February, the company sold the three-story glass building at 991 Third Avenue, on the northeast corner of 59th Street, in Manhattan, for $18.42 million, as The Real Deal reported. The buyer was the Heskel Group, a Queens-based developer.