CPEX’s Retail Investment Sales Team has sold 3482-3492 Nostrand Avenue for over $1,100 psf.
Home to Perry’s Seafood Restaurant, the building sold for a total of $3,800,000. CPEX managing partner Timothy King previously sold the building in 1988 to the current seller.
CPEX’s Retail Sales Team, consisting of Managing Director Andre Sigourney and Associates Harrison Balisky and Dimitri Venekas, represented the seller in the most recent transaction.
“Net leased retail properties in the boroughs continue to receive an enormous level of interest, and we collected a slew of offers throughout our marketing campaign,” said Sigourney.
“In line with the current trend that we are seeing in the retail marketplace, a 1031 exchange buyer ultimately beat out all other bidders and paid $3.8 million to own this prime piece of Nostrand Avenue.”
Situated between Gravesend Neck Road and Avenue V, the property has a footprint consists of a one-story retail building with on-site parking. There is 3,418 gross square feet and a full basement with high ceilings. The building is fully occupied.