Ilya Gamer and Alexandra Rossland
-- Off-market deal traded for $7.65 million, which translates to a record-breaking $1,020 per square foot –
Eastern Consolidated has announced the sale of a 7,500-square-foot retail property leased to Planet Fitness at 441 Rockaway Avenue in the Brownsville section of Brooklyn. The off-market deal traded for $7.65 million, which translates to a record-breaking $1,020 per square foot at grade.
Director Ilya Gamer, an off-market specialist at Eastern Consolidated, arranged the transaction. The seller was Crown Acquisitions, whose in-house representative, Isaac Mograby, facilitated the negotiations. Alexandra Rossland, Sales Manager, represented the buyer, a private investor.
“The buyer unlocked a tremendous amount of long-term income potential by selling a multi-family property at a high GRM that was acquired at a low basis, and utilized a 1031 exchange to purchase 441 Rockaway Avenue,” Gamer said. “The seller added significant value to the property that only a Class-A sponsor could and can now reutilize the capital for a new opportunity. It was a real estate deal that was a big win for all parties involved.”
Powered by a highly skilled team of over 100 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.