Sheepshead Bay shopping center sells for $24 million

Loehmann’s Seaport Plaza in Sheepshead Bay, Brooklyn, was sold by the Bayrock Group to a group of local and European investors for $24 million. The three-story retail property at 2101 Emmons Avenue, anchored by Loehmann’s, occupies 63,000 square feet, in addition to a 50,000-square-foot parking garage. The new owners plan on keeping it a retail center. Erik Yankelovich, who represented the buyers, said the shopping center’s rent is about $35 per square foot in a market that commands about $60, but Loehmann’s lease isn’t expiring anytime soon. The deal was first reported by the blog Sheepshead Bites. TRD