HFF announced today that it has closed the sale of the retail condo portion of The Edge, a waterfront mixed-use development complex totaling approximately 64,000 square feet of retail space in Williamsburg (Brooklyn), New York.
HFF marketed the property exclusively on behalf of the seller, Douglaston Development. Madison Marquette acquired the property for $45,500,000. This represents Madison Marquette’s second New York City area acquisition since Arvind Bajaj & Ryan Colbert joined the firm’s New York City office.
The Edge stretches from North 5th to North 7th Streets along the Williamsburg waterfront, adjacent to the North Williamsburg Ferry Terminal in Brooklyn. Completed in 2010, the property is part of The Edge mixed-use project, a master-planned development featuring condominiums and residential units in four buildings, including two towers along the waterfront. The retail condominium is long-term leased to Brooklyn Harvest Market, CVS Pharmacy, Ride Brooklyn and Fabbrica Café, among others.
The HFF investment sales team representing the seller was led by senior managing directors Andrew Scandalios and Jose Cruz and managing directors Jeffrey Julien, Kevin O’Hearn and Rob Rizzi.
Douglaston Development, Levine Builders and Clinton Management coordinate cohesively to acquire property, develop it to its full potential, and manage it creatively to assure that its investments achieve and maintain maximum value and profitability.
Madison Marquette is a private real estate investment and operating company headquartered in Washington DC .