Kings Plaza Mall sale set to be largest commercial transaction of 2012

Dec.December 20, 2012 08:30 AM

In 2012, the prize for the biggest commercial real estate sale of the year will go to an unlikely candidate: The $751 million sale of the Kings Plaza Mall, at 5100 Kings Plaza, which closed earlier this month, was the biggest outright, single-trade sale in Brooklyn ever, according to data provided to the New York Observer by Massey Knakal Realty Services.

Macerich purchased the shopping center from the real estate investment trust Vornado Realty with the deal officially closing December 5. Eastdil Secured represented the sellers.

“This is an additional stone in the foundation of a stronger Brooklyn,” Arthur Draznin, an executive managing director with Newmark Grubb Knight Frank, said. “Williamsburg is the hottest market of the five boroughs, and lots of other areas are continuing to build up, trading at levels never seen before and rents that are competing with Manhattan rents. That’s why you see Brooklyn being so strong.”

However two large transaction that were not included by the Observer were the PaineWebber Building at 1285 Avenue of the Americas and the MiMa building at 450 West 42nd Street, which sold for $804 million and $787.4 million respectively, according to data from Real Capital Analytics. [NYO]Christopher Cameron

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