Gazit-Globe buys Williamsburg retail condo for $47M

Madison Marquette had put condo on the market for $50M last year

TRD New York /
Jul.July 16, 2018 01:50 PM

Jeff Mooallem and The Edge at 34 North 7th Street in Brooklyn

Israeli company Gazit-Globe has made another major purchase in the Brooklyn retail market.

The firm purchased the retail condo of the Edge in Williamsburg from Madison Marquette for $47.3 million, according to property records. Madison Marquette put the property on the market last year for $50 million.

The retail condo spans about 60,000 square feet, and tenants include CVS and Brooklyn Harvest Market. Madison Marquette bought the space with a silent partner for $45.5 million in 2014.

The Edge also has more than 1,450 residential units, but Gazit is only purchasing the retail portion of the complex.

Madison Marquette’s asking price was very close to its purchase price, which was seen as a sign of retail’s ongoing struggles. However, Gazit-Globe CEO Jeff Mooallem said the firm had been trying to break into Williamsburg and was confident that it was still a solid investment.

“It’s like a trade in baseball: you can’t say if it’s good or bad until you see how it all works out, but we feel good about the asset,” he said. “We’re long term holders, and we’re happy to add to our New York portfolio.”

Madison Marquette did not immediately respond to a request for comment.

Gazit invested about $40 million in the Brooklyn shopping center Caesar’s Bay Bazaar earlier this year.  Mooallem told The Real Deal in an interview last year that the company had about $2 billion of potential spending power, which it planned to use on retail in major American cities.


Related Articles

arrow_forward_ios
Columbia Property Trust CEO Nelson Mills and 245-249 West 17th Street (Photos via Columbia Property Trust; StreetEasy)

Columbia Property Trust collects 98% of its rent in Q3

Columbia Property Trust collects 98% of its rent in Q3
The Factory building at 30-30 47th Avenue with Square Mile Capital’s Craig Solomon and Invesco CEO Marty Flanagan (Photos via The Factory; Square Mile; Invesco)

Here’s what tenants are paying at the Factory in Long Island City

Here’s what tenants are paying at the Factory in Long Island City
Bob Sulentic (Getty, iStock)

CBRE income falls nearly 10%

CBRE income falls nearly 10%
From left: Paramount CEO Albert Behler, 1301 6th Avenue, 712 5th Avenue, 31 West 52nd Street (Getty; Google Maps)

Paramount Group back at work, but tenants waiting until 2021

Paramount Group back at work, but tenants waiting until 2021
Tony Malkin (Getty, iStock)

Empire State Realty Trust reports second consecutive quarterly loss

Empire State Realty Trust reports second consecutive quarterly loss
Michael Shvo and the Transamerica Building in San Francisco and  (Unsplash)

Shvo, Deutsche Finance close on Transamerica Pyramid for $650M

Shvo, Deutsche Finance close on Transamerica Pyramid for $650M
Amazon CEO Jeff Bezos with (top to bottom) 5 Warehouse Lane in Elmsford in Westchester County, 2300 Linden Boulevard in Brooklyn and 1502 Bassett Avenue in the Bronx (Getty; Google Maps)

Amazon inks three warehouse deals for delivery stations

Amazon inks three warehouse deals for delivery stations
New foreclosure filings are rising again as limits are lifted (iStock)

Foreclosure filings ramp up, especially in minority neighborhoods

Foreclosure filings ramp up, especially in minority neighborhoods
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...