Infinity Real Estate has partnered with Nightingale Properties to buy two mixed use buildings on the Kings Highway in Brooklyn for $80 million.
Sources say the company plans to erect a new mixed use building on part of the site that would include retail and, possibly, medical offices above.
The properties include Kingswood Plaza, a 230,000 s/f mixed-use building whose tenants include TJ Maxx and NY Sports Club, medical tenants, and 250 underground parking spaces. It sits at 1630 East 15th Street, between Kings Highway and Avenue P near the Kings Highway subway station.
Also included in the sale is a 22,000 s/f development site that is currently comprised of a 300-space structured parking garage.
The parcel comes with as-of-right commercial or multifamily development rights providing the partnership with development flexibility in the future. The parking site, which is located at 1715 East 13th Street right off of Kings Highway, comes with 200 feet of “anchor” potential retail frontage on both East 13th and 14th Streets.
“This acquisition will make way for continued expansion of Kings Highway’s retail and professional services offerings, providing the surrounding communities the convenience and efficiency of living in an ever more walk-able neighborhood,” Steve Kassin, managing partner of Infinity Real Estate.
“It is rare to come across an opportunity of this magnitude, in our home market, with significant value creation opportunity by simply expanding access to ‘bread and butter’ tenants unable to enter highly supply constrained NYC submarkets.”
Built in 2007, Kingswood Plaza is a Class A, mixed-use urban property that offers stable rental income backed by credit grade tenants and long-term leases. The property has 60,000 s/f of commercial expansion potential.
The property was sold by AVR Realty, a privately held real estate development and management company with a portfolio of commercial, hotel, and residential properties throughout the continental United States.