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JLL Capital Markets completes sale of two-story commercial building in Brooklyn’s Park Slope neighborhood
JLL Capital Markets announced today that it has closed the $17.25million sale of 555 Fifth Ave., a two-story retail building located at the corner of Fifteenth Street and Fifth Avenue in Brooklyn’s Park Slope neighborhood.
JLL represented the seller, Fifteenth and Fifth LLC. Gazit Horizons acquired the property.
The property, which is fully leased to credit tenants and stands on a prime corner, sold at $820 per gross square foot. The building features a total of 21,016 rentable square feet, with a portion of the 7,300-square-foot first floor currently leased to Sherwin Williams Paints and the 6,800-square-foot second floor and the 7,300-square-foot basement leased to Crunch Fitness.
The building stands in the heart of the Park Slope shopping district, where consumers spend 80 percent more than the national average on apparel, services, entertainment and food. It is located a brief walk from the Fourth Avenue/Ninth Street F, G and R subway station and provides ready access to the Brooklyn-Queens Expressway.
The JLL Capital Markets team representing the seller was led by Managing Director Michael Mazzara; Senior Managing Directors Brendan Maddigan and Stephen Palmese; Managing Directors Winfield Clifford and Ethan Stanton; and Vice President Patrick Madigan. Senior Managing Director Alex Sharrin and Director Alex Geanakos provided net-lease services.
“The asset provides current cash flow from credit tenants while being extremely unique in that it comprises of over 20,000 rentable square feet of commercial space in Park Slope,” said Mazzara.
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 and advisory, debt advisory, equity advisory or are capitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
About JLL
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 $16.6 billion in 2020, operations in over 80 countries and a global workforcemore than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.