Real Estate Discovery Ventures Buys Retail Building In Coney Island For $23M

The retail building located at 2857 W 8th St in Brooklyn, NY 11224 has been sold for $23,000,000. The property, purchased by Real Estate Discovery Ventures from 2857 West 8th Street Associates, is fully occupied by retail tenants which include New York City Human Resources, Blink Fitness, NYU Langone, Verizon Wireless, and Dollar Tree.

Summary of transaction details:

• Property Type: Retail Building
• Transaction Amount: $23,000,000.00
• Market: Brooklyn
• Buyer: Real Estate Discovery Ventures
• Seller: 2857 West 8th Street Associates
• Buyer's Rep: Glenn Teyf (Gideon Group)
• Seller's Rep: Richard (Rich) Velotta (Raven Property Advisors), David Schechtman (Meridian Capital Group)
• Brokers: Richard (Rich) Velotta (Raven Property Advisors)

Real Estate Discovery Ventures was represented by the Glenn Teyf of Gideon Group in the purchase of the retail building. Dmitry Volkov, a Moscow native, runs Real Estate Discovery Ventures and the company claims to own $95 million worth of properties across the U.S. The financing for the deal amounting to $14.3 million was provided by Citigroup. Additionally, Reznick Law provided legal advice to REDV during the transaction.