Rockpoint Group and Kushner Companies have sold the retail condominium at 184 Kent Avenue in Williamsburg, Brooklyn, for $11.7 million.
Matthew J. Marshall of Marshall Real Estate represented the sellers and the buyers, a joint venture between Regal Acquisitions and The Jackson Group, LLC. According to Marshal, a key component to the deal was that Rockpoint and Kushner provided seller financing for the deal.
The retail space is comprised of six different storefronts across 16,000 s/f occupied by Soul Cycle, La Nonna Restaurant, NYC Pets, Brightside Coffee and Pure Cleaners. One 4,500 s/f space was delivered vacant. The deal includes the garage condo, which comprised 55,000 s/f over three levels.
“The buyers plan to work with the tenants through their COVID rent abatements to support them and hopefully get them back into their full contract rent,” said Marshall, noting that the most pivotal space is the prime corner that Soul Cycle occupies.
“There is huge upside in the corner either to do a workout for Soul Cycle to leave, or get them back open and paying a contract rent with an arrears schedule.”
The garage space was delivered unencumbered and the buyer is looking to secure an operating agreement with a garage operator or a more traditional long-term lease with a garage operator.
The retail sits at the base of 184 Kent Avenue, a 350,000 s/f condominium property developed by Rockpoint and Kushner known as the Austin Nichols House. The building contains 387 residential units which are almost completely sold out.