April 4, 2018
Meridian Investment Sales, the commercial property sales division of Meridian Capital Group, sold a newly renovated commercial building in Brooklyn, NY for $23 million. Senior Executive Managing Director, David Schechtman, and Managing Director, Rich Velotta, represented the seller and procured the buyer in this transaction.
Located at 2857 West 8th Street in the heart of Brooklyn’s West Brighton neighborhood, the two-story commercial property is 52,302 square feet and is fully leased to a variety of tenants, including New York City Human Resources Administration, Blink Fitness, Dollar Tree, and New York University Langone. Verizon also has a cell and GPS tower located on the roof. The building was recently renovated to feature a new facade, an updated plumbing system, electrical upgrades, and new water and sanitary lines. Given the pristine condition of the brand new building systems and tenant requirements to maintain their individual assets, the property should require minimal management and upkeep.
The building is situated on the eastern side of West 8th Street, within close proximity to several subway options, including the F and Q trains at the West 8th Street-NY Aquarium train station and the D, F, N, and Q trains at the Coney Island – Stillwell Avenue station. Just one block from Coney Island, the property benefits from an irreplaceable location for entertainment. Best known for its boardwalk and beach, Coney Island draws millions of visitors from around the world each year and is home to the Brooklyn Cyclones at MCU Park.
“The asset was entirely renovated and provides the buyer with an essentially brand new, institutional quality commercial asset at a competitive cap rate with stable and consistent rent growth,” said Mr. Velotta.
Founded in 1991, Meridian Capital Group is America’s most active deal maker and one of the nation’s leading commercial real estate finance and investment sales firms. In 2017, Meridian closed over 3,000 debt transactions across more than 200 unique lenders and sold nearly $1 billion in commercial property. Since inception, the company has closed more than $300 billion in financing with the full complement of capital providers, encompassing local, regional and national banks, CMBS lenders, agency lenders, mortgage REITs, life insurance companies, credit unions and private equity funds. Meridian represents many of the world’s leading real estate investors and developers and the company’s expansive platform has specialized practices for a broad array of property types including office, retail, multifamily, hotel, mixed-use, industrial, healthcare, student housing and self-storage properties. Meridian is headquartered in New York City with offices in New Jersey, Maryland, Illinois, Ohio, Florida and California. www.meridiancapital.com