Done Deals: HFF closes sale of Brooklyn, NY high street retail property

Wednesday, January 22, 2014

HFF closes sale of Brooklyn, NY high street retail property

The Edge, Williamsburg Section, Brooklyn, NY

Andrew Scandalios

NEW YORK, NY – HFF announced today that it has closed the sale of the retail condo portion of The Edge, a waterfront mixed-use development complex totaling approximately 64,000 square feet of retail space in Williamsburg (Brooklyn), New York.

HFF marketed the property exclusively on behalf of the seller, Douglaston Development. Madison Marquette acquired the property for $45,500,000. This represents Madison Marquette’s second New York City area acquisition since Arvind Bajaj and Ryan Colbert joined the firm’s New York City office.

The Edge stretches from North 5th to North 7th Streets along the Williamsburg waterfront, adjacent to the North Williamsburg Ferry Terminal in Brooklyn.

Jose Cruz

Completed in 2010, the property is part of The Edge mixed-use project, a master-planned development featuring condominiums and residential units in four buildings, including two towers along the waterfront.

The retail condominium is long-term leased to Brooklyn Harvest Market, CVS Pharmacy, Ride Brooklyn and Fabbrica Café, among others.

The HFF investment sales team representing the seller was led by senior managing directors Andrew Scandalios and Jose Cruz and managing directors Jeffrey Julien, Kevin O’Hearn and Rob Rizzi.

Jeffrey Julien

Douglaston Development, Levine Builders and Clinton Management coordinate cohesively to acquire property, develop it to its full potential, and manage it creatively to assure that its investments achieve and maintain maximum value and profitability.

Madison Marquette is a private real estate investment and operating company.

Kevin O'Hearn

Founded in 1992, the firm’s primary focus is infill retail and mixed-use assets in major markets throughout the United States.

Madison Marquette specializes in enhancing the value of its projects through its integrated investment and services platform offering sourcing, acquisition, asset management, leasing, property management, marketing, and development functions.

Madison Marquette is headquartered in Washington DC and covers its key markets with senior investment and operating professionals in major cities around the country, including New York, San Francisco, Los Angeles, Seattle, Philadelphia, Dallas, and South Florida.