Double dip in Brooklyn.

Two very similar buildings in Brooklyn's Fulton Mall District, 447449 Fulton Street and 497-501 Fulton Street, have traded for $12 million respectively, changing hands from seller Emmes Asset Management to buyer, the United American Land, LLC, led by Albert Laboz together with brothers Jason and Jody.

Eastern Consolidated arranged the double transactions. Brian Ezratty, Vice Chairman, procured United American Land for both buildings, while Mr. Ezratty and Alan Miller, Director, together represented Emmes Management in the sale of 447-449 Fulton Street.

"Sometimes an initial offer that doesn't materialize is a blessing in disguise," said Mr. Ezratty. "We went into the market to exclusively sell 447-449 Fulton Street last May, and had an offer for $11.4 million, but the deal fell apart. Fast forward six months, and we just sold 447-449 Fulton at an increment of $500,000 and closed on a sister property (497-501), on the same street a few blocks further north concomitantly, for an equal amount.'"

Jon Eiseman, Esq. of Eiseman, Levine, Lehrhaupt & Kakoyiannis represented the buyer, United American Land in both deals, while Ellen November Rigby Esq. acted in-house on behalf of the seller Emmes Asset Management for both transactions.

According to Mr. Laboz, Chairman of the Fulton Street Mall Association, "Fulton Street Mall is one of the most powerful retail destinations in New York City, and the City is investing $8 million to enhance the streetscape even more."