Cushman & Wakefield today announced that the real estate services firm has been appointed as the exclusive sales agent for the sale of a net leased retail property located at 1492 Rockaway Park in Canarsie Brooklyn, NY for an asking price of $3,950,000.
A Cushman & Wakefield team consisting of Vice Chairman Thomas A. Donovan, Senior Director Edward Gevinski, Director Tommy Lin, Director Eugene Kim and Associate Director, Robert A. Rappa will be leading the marketing efforts for the property.
The single-story retail property is 36’ wide and totals 3,172 square feet. The property is currently leased to T-Mobile, with a corporate guarantee, who signed a new seven-year lease which commences in February of 2018. Situated in an R5D/C1-3/R4-1 zoning district, the property has a future development potential of approx. 8,558 buildable square feet.
“With a long term corporate tenant, and a new lease signed through 2025 that offers an additional 5-year option, this is an excellent opportunity for an investor with a 1031 exchange,” said Thomas A. Donovan of Cushman & Wakefield.
The building is located on the west side of Rockaway Parkway, approx. 75’ north of Flatlands Avenue, in close proximity to the Canarsie-Rockaway Parkway L Train Station. Retailers in the area include: Dynasty Sports, McDonald’s, GameStop, Family Dollar, Capital One Bank, Walgreens, RadioShack, and Dunkin’ Donuts.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
