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| The Edge, Williamsburg Section, Brooklyn, NY |
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| 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.
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| 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.
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| 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.
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| 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.
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| Rob Rizzi |
For more information on Madison Marquette, please visit the
firm’s website at www.madisonmarquette.com.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel (main) 617-338-0990 | (direct) 617-338-1572 | cel
617.543.4873 | www.hfflp.com
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