Brooklyn, New York (August 23, 2017) – Infinity Real Estate LLC announced today the sale of 2845 Coney Island Avenue in Brooklyn, NY to MED Partners LLC for $12.2 Million or $1,220 per leasable square foot. Cushman & Wakefield led by James Nelson, Alex Svetlakou and Carly Weinreb represented the seller, while Arsen Atbashyan of Commercial Acquisitions Inc. represented the buyer.
The Property is located in Brooklyn’s well established and densely populated Sheepshead Bay neighborhood situated on the south-west corner of Coney Island Avenue and Avenue Z, immediately north of the Belt Parkway freeway exit. The free-standing retail building features 12-foot ceiling heights and consists of 10,000 square feet on the ground floor with an approximately 10,000-square-foot lower level. The property also includes a 10,000 square feet surface parking lot offering a loading dock and 30 spaces. The property has historically been a successful supermarket location and is currently triple-net leased to Corner Z Supermarket, which has established itself as a neighborhood destination.
Infinity purchased a majority interest in 2845 Coney Island Avenue in 2015 at a valuation of $7.7 Million. Similar to most other assets in Infinity’s portfolio, the property was purchased with a redevelopment strategy in mind. The plan never ultimately advanced beyond the initial design and entitlement stages.
“We purchased 2845 Coney for it’s development potential. The property’s large footprint and prominent location attracted us. We pursued some mixed-use redevelopment plans, but ultimately couldn’t get comfortable to proceed onward.“ explained Steve Kassin, managing partner at Infinity. “Our compelling entry basis allowed us to run the feasibility process, reconsider our strategy, and still exit the deal with 20+ percent compounded annual returns.” A great result by any investor’s standards.