NEW YORK CITY—A corner retail space at the base of a new condominium tower in Clinton Hill has been sold for $7.5 million, the largest retail transaction in Brooklyn so far this year.
The 8,753-square-foot retail space at 882 Fulton St. was acquired by 101 Holdings, according to brokerage firm RKF. The deal calculated out to approximately $856.85-a-square-foot, a new record per-square-foot retail sale transaction in Brooklyn, RKF officials report.
RKF VP Brian Segall arranged the direct transaction, which closed on June 19th, on behalf of the property developer Orange Management Inc. The retail space is located at the base of a newly-constructed 50-unit luxury mid-rise residential condominium. The property includes a total of 7,568 square feet of ground-level space and 1,185 square feet of retail space on the lower level.
“Brooklyn’s ongoing retail expansion, driven by population growth and changing demographics, makes it one of our most active markets, with many exciting, high profile developments,” says Segall. “Investment sales opportunities in the borough are becoming more attractive to investors.”
Andrew Bradfield, principal of the developer Orange Management, adds, “While the New York City retail market is currently in a transitional phase, there will always be demand for high-quality corner locations, especially ones situated in the immediate proximity of subway access.”
882 Fulton St. is located four blocks from Pacific Park, Brooklyn’s largest residential development, which will add 6,400 residential units to the area.