Real Estate Weekly
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Retail

Buyer’s train of thought

A retail property at 1417-1427 Myrtle Avenue, between Harman Street and Greene Avenue in Brooklyn’s Bushwick neighborhood, was sold for $2.8 million.

The five-unit retail property contains 6,800 s/f and features 100 feet of frontage on one of Bushwick’s prime corridors. The site holds a23,120 buildable square feet, offering additional development potential.

The sale price equates to approximately $412 per square foot and a four percent capitalization rate.

The M subway line is one block from the property and the L subway line is two blocks away at Wyckoff Avenue. Neighboring retailers include Dunkin’ Donuts and Rite Aid.

“Standing at less than 30 percent of as-of-right buildable potential, this cash flowing retail property offered this developer a reasonable return today with substantial mixed-use development upside nearby Bushwick’s two major train lines,” said Cushman & Wakefield’s Michael Amirkhanian, who exclusively handled this transaction.

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