UPDATED, 5:42 p.m., August 20: Infinity Real Estate LLC, in partnership with Nightingale Properties, acquired two mixed-use properties in Brooklyn’s Midwood section. The purchase price for the properties was $79.1 million, sources told The Real Deal.
Located on the Kings Highway commercial corridor, the buy includes Kingswood Plaza, a 230,000-square-foot mixed-use building at 1630 East 15th Street, between Kings Highway and Avenue P, and a 22,000-square-foot development site at 1715 East 13th Street that now holds a 300-space parking garage.
Infinity Real Estate, a subsidiary of real estate investment company Infinity Group, and Nightingale purchased the properties from the Yonkers, N.Y.-based Alan V. Rose Realty Company. AVR purchased the parcels as vacant land through a New York City Economic Development Corp. request for proposal in 2005 for around $2 million, Steven Eickelbeck, director of construction management at AVR, told The Real Deal. The structures now located on the site were constructed in 2007.
Kingswood Plaza is currently 100 percent occupied with retail tenants TJ Maxx and NY Sports Club, which occupy approximately 27,000 square feet and 21,000 square feet respectively, as well as medical tenants in roughly 21,000 square feet. The Class A property also includes 250 underground parking spaces, and has expansion potential of an additional 60,000 square feet of commercial space, according to Infinity. The adjacent parking garage site, meanwhile, is zoned for mixed-use development.
David Berg, director of investments for Infinity Real Estate, told TRD that the firm is looking to develop a mixed-use retail and medical office property on the development site.
“We will definitely have a unique situation for multi-floor retail with possible office space above, depending on the office market,” Berg said.