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New York

Douglaston sells Edge retail space to D.C.-based firm for $40M

From left: Amer Hammour of Madison Marquette, 22 North 6th Street and Jeff Levine
From left: Amer Hammour of Madison Marquette, 22 North 6th Street and Jeff Levine

The spacious retail spread at the base of the Edge condominium in Williamsburg will be sold for more than $40 million.

Madison Marquette, a Washington, D.C.-based real estate investment firm, is acquiring the 60,000-square-foot space, Crain’s reported. Located west of Kent Avenue at 22 North 6th Street, the retail condo has frontage on both Kent Avenue and North Sixth Street and is already leased to tenants that include CVS, Brooklyn Bodyburn gym, restaurant Fabrica, a bike store, liquor store and preschool.

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Jeff Levine, chief executive of the Edge builder Douglaston Development, could not be reached by Crain’s for comment. Last year, he told the outlet that he had received “a number of interesting bids” for the retail space.

The purchase marks the latest in Madison Marquette’s recent foray into the New York City market. The company paid nearly $85 million for the Center Building, at 33-00 Northern Boulevard in Long Island City, in late 2012.

Crain’s was not immediately able to reach Madison Marquette executives for comment. [Crain’s] — Julie Strickland

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Douglaston DevelopmentThe Edge