Former Brooklyn movie theater sold.A former movie theater that now houses two commercial stores at 2007-11 86th Street in Brooklyn's Bay Ridge neighborhood was sold by Massey Knakal Realty Services in an all-cash transaction valued at $9,500,000. The 70' x 200' building is located between 20th and 21st Avenues. Once a movie theater, it was converted to a K1 class commercial building and became home to London Fashions and Rite Aid Rite Aid (NYSE: RAD) is a United States retailer and pharmacy chain, operating over 5,000 stores in 31 states and the District of Columbia. Rite Aid Corporation is one of the nation's leading drugstore chains. . The stores began their 15-year leases in 1988 and are already in the middle of the first of three five-year-renewals. The property contains approximately 13,460 s/f, and an additional 35,000 s/f of air rights. Neighboring neigh·bor n. 1. One who lives near or next to another. 2. A person, place, or thing adjacent to or located near another. 3. A fellow human. 4. Used as a form of familiar address. v. tenants include McDonald's, Dunkin' Donuts Sources: Dunkin' Donuts is an international coffee and donut retailer founded in 1950 in Quincy, Massachusetts, U.S. by William Rosenberg. Corporate Profile History , GNC GNC General Nutrition Centers GNC Gas Natural Comprimido (Argentina) GNC Guidance, Navigation, and Control GNC Grand National Championship (ATV racing) GNC Global Navigation Chart , Radioshack and Chase bank. The transaction occurred at a capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. of 6.21% and a gross rent multiple of 15.60. The property sold for $705.79 per square foot. "This building represents a truly unique opportunity," said Massey Knakal partner Timothy King, who exclusively represented the seller. "Each lease renewal will be assessed at an agreed fair market value." The property was purchased by a Brooklyn investor. Massey Knakal Realty was the sole broker in this transaction. |
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