Sterling Equities, the co-developer of the Queens megaproject Willets Point, is continuing its march into Brooklyn. The firm just closed on 260 Court Street, a 9,000-square-foot retail property in Cobble Hill, for $15.5 million.
The property is located on the corner of Court and Kane streets, and has an alternate address of 242-246 Kane Street. It is occupied by long-term retail tenants. Sterling sees the property as a long-term investment.
“Sterling is very committed to Brooklyn, which has seen increased demand for both local and big name retail brands by the community,” said Todd Katz, a partner at the firm. “We look forward to continuing to expand our portfolio.”
The firm, which was founded by New York Mets owners Fred Wilpon and Saul Katz, owns several assets in the borough, including nearby 285 and 385 Court Street, Love Lane Mews in Brooklyn Heights, 345 Carroll Street in Carroll Gardens, and 76-80 Meserole Street in East Williamsburg.
An RKF team of Jeff Fishman, Andrew Jacobs, Eddie Mamiye and Alex Beard brokered the deal on behalf of both Sterling and the seller, La Kane Realty. “We knew they [Sterling] wanted to increase their footprint in Brooklyn,” Fishman said.
Retail rents in along a stretch of Court Street in Cobble Hill have leaped in the past few years, and in some cases can hit up to $180 a foot.