New York, NY – July 24, 2018 – Cushman & Wakefield announced today that the firm has arranged the sale of 2170 86th Street, an 2,919 square foot, two-story commercial building in the Bensonhurst neighborhood of Brooklyn. The final closing price was $3 million, equating to a record-breaking $1,028 per square foot.
Cushman & Wakefield Senior Managing Director Jeffrey A. Shalom represented the seller in the transaction.
“This sale represented a record-breaking price per square foot for a two-story building on this side of 86th Street in Bensonhurst,” said Jeffrey A. Shalom of Cushman & Wakefield, who has sold more than 20 properties on 86th Street. “The investor acquired a prime commercial property. This neighborhood has seen consistent, steady growth and increases in value. While other areas of New York are seeing vacancies and a pull back after a pop in prices, this neighborhood has seen consistent, steady growth and increases in value.”
Currently, the entire building is leased to a restaurant, Free Time Hangout, until August 2019. Nearby tenants include numerous banks and the usual clothing, cell phone, and other retailers who want to be on the best blocks.
Situated on the south side of 86th Street between Bay 29th Street and Bay Parkway, the property is located near one of the busiest intersections in Southern Brooklyn with extremely high pedestrian traffic, vehicular traffic and subway ridership. The property is easily accessible via the Bar Parkway Subway Station which provides access to the D subway line.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.