The final closing price was $7,325,000 equating to approximately $678 per square foot.
Cushman & Wakefield’s Daniel Abbondandolo and Dimitri Mastrogiannis, alongside DJ Johnston of B6 Real Estate Advisors, represented the seller, Jung Kwon of J & Y Utica Corp, in this transaction. The building was purchased by David Bowen and Matthew Wright.
“After four decades of the same ownership, this property has been sold as a long-term repositioning opportunity,” said Daniel Abbondandolo of Cushman & Wakefield. “The asset’s prime location on the corner of Utica Avenue and Eastern Parkway will allow retail tenants to flourish as a result of strong visibility and heavy foot and car traffic at the busy intersection.”
280-288 Utica Avenue is currently leased to a range of merchants and fast food establishments on a long-term basis. The second floor consists of hair stylists and a dental practice and the third floor is to be delivered completely vacant. The property is located steps away from the Utica Avenue Subway Station with access to the 3, 4 and 5 trains as well as numerous bus lines.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.