Share:

Cushman & Wakefield Arranges Sale of Brooklyn Retail Property Following More Than Forty Years of Continuous Ownership

8/7/2019
New York, NY – August 7, 2019 – Cushman & Wakefield announced today that the real estate services firm successfully represented ownership in the sale of 280-288 Utica Avenue, a 10,800 square foot mixed-use property in the Crown Heights neighborhood of Brooklyn. 

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.

Media Contact

Michael Boonshoft New York Communications
Michael Boonshoft

Communications Director • New York

RELATED STORIES

Unilever (image)
Unilever • Consumer Goods
Learn More
NVI (image)
National Vision, Inc. • Retail
Learn More

RELATED INSIGHTS

2020 Life Science Report
Research • Medical

Life Sciences 2020: The Future is Here

Innovative technologies and aging demographics are driving a wave of demand for R&D space, diagnostic centers and healthcare facilities.
2/5/2020
People shopping
Research • Retail

Manhattan Retail Major Markets Report

Retail has always been about keeping up with the latest trends; however, today’s market has undergone unprecedented reformations at a remarkable pace.
12/9/2019
2018 NYC Not-for-Profit Review
Research • Public / Not-for-Profit

2018 NYC Not-for-Profit & Public Sector Review

Leasing falls but investment activity remains strong in New York City's Not-for-Profit and Public Sectors.
Richard Persichetti • 3/26/2019

CAN'T FIND WHAT YOU'RE LOOKING FOR?

Get in touch with one of our professionals.