By Al Barbarino
An entity controlled by real estate investor Isaac Shalom has purchased a one-story retail strip at 1875-1925 Nostrand Avenue in Brooklyn for $18.5 million.
The strip, located between Foster and Newkirk Avenues, includes 14 mom and pop stores, with 34,000 s/f of rentable retail space.
Notable tenants include Key Foods, Papa John’s and Subway.
“This was a great opportunity for the buyer, who was able to pick up a nice piece of retail with lots of upside,” said Ivan Hakimian of HPNY, who arranged the off market transaction. “The seller took a chance on a credible buyer and it paid off when they were able to close in a very short timeframe.”
The seller was real estate investment company Emmes Asset Management, which holds $1.3 billion in assets and owner of dozens of Manhattan properties. This was the company’s only Brooklyn asset, according to the firm’s website.
Emmes Asset Management did not return calls seeking comment.
Earlier this year HPNY structured a joint venture at 837 Washington Street in the Meatpacking District for $55 million; and a pair of buildings on 33 and 35 Crosby Street in Soho for $13.75 million.
*this article appeared in the July 25, 2012 print edition of Real Estate Weekly