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AB Capstone scoops up NY REIT retail for $31M
Gravesend properties are fully leased
AB Capstone’s Meir Babaev is the majority buyer of two of New York REIT’s retail properties for $30.5 million.
Babaev, along with a partner, purchased 1100 Kings Highway and 2067 Coney Island Avenue in Gravesend, documents filed with the city’s Department of Finance on Friday. He owns a 70 percent stake in the properties. Investor Richard Harris purchased the remaining 30 percent, records show. The Real Deal reported in March that 2067 Coney Island Avenue was under contract.
Babaev wasn’t immediately available to comment on the deal.
The adjacent properties are fully leased, with tenants including Chase Bank, Dressbarn and Annie Sez. According to marketing materials, the two buildings generate nearly $2.5 million in annual gross revenue and net $1.8 million in annual operating income. The two properties span a little over 43,000 square feet.
Cushman & Wakefield marketed the properties.
The sale is part of New York REIT’s planned liquidation of its 4.4 million-square-foot portfolio, announced back in December 2016. The company, led by Wendy Silverstein, sold the first of its retail properties in January.