Developer’s Realty Corporation completes $14.1M sale of 531 86th St. in Brooklyn
JLL Capital Markets arranges sale of 37,412-square-foot retail building in Bay Bridge, Brooklyn
NEW YORK, December 2, 2020 — JLL Capital Markets has completed the sale of 531 86th St. in Bay Ridge, Brooklyn, on behalf of Developer’s Realty Corporation. The two-story, 37,412-square-foot retail property was acquired by A&H Acquisitions Corp for $14.1 million.
531 86th Street is located in the heart of a dynamic retail destination directly off the Gowanus Expressway in close proximity to Bay Ridge’s most popular retailers, restaurants, shopping and fitness centers. The property sits on the north side of 86th between 5th Avenue and Fort Hamilton Parkway with a municipal parking garage nearby for customer convenience.
The JLL team representing the seller included Vice Chairman Stephen Palmese, Managing Director Ethan Stanton, Michael Mazzara, Winfield Clifford and Brendan Maddigan
“86th Street in Bay Ridge has a long history as a powerful retail destination, and this property benefits from its central location, its flexibility and from long-standing existing retail traffic patterns,” said Palmese.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.