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Deals & Dealmakers

Owners club together to sell 7-building Brooklyn Heights portfolio

Brick Real Estate has brought a coveted Atlantic Avenue portfolio to market. In all, seven mixed-use pre-war buildings are being offered for sale for the first time in 100 years as a result of six longstanding owners co-operating to sell as one.

“This is the only retail offering of this size in all of Brooklyn Heights in a prime retail corridor,” said Avi Adiv, the owner of Brick Real Estate, a boutique brokerage firm located on Atlantic Avenue who put the deal together.

59-73 Atlanic Ave

Adiv knows all six owners of the block and orchestrated the group sale after years of overseeing residential and commercial leases at the properties.

A listing agreement, which all the owners signed, contains a “strike price” of $56 million, at which point the owners are obligated to sell, according to Adiv, who added that the “owners are open to all offers.”

The assets include 59 to 73 Atlantic Avenue with a total of 10,000 s/f of retail, that includes the famous Montero Bar and Grill, and 19,000 s/f of residential.

“A buyer who invests in these buildings must believe in the future of the Brooklyn Bridge Park and the surrounding development,” added Adiv.

“It is the chance to control one of the most significant sites in all New York, the future gold coast of Brooklyn, given its proximity to the waterfront and Brooklyn Bridge Park. “Whoever buys this property needs to have a greater vision for the block,” added Adiv.

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