Alex Lau Acquires Retail Property At 1707 Avenue U In Brooklyn For $8.3M With Brokers Scott Plasky & Alexander Arustamian
1707 Avenue U
$8,300,000
$532/SF
Building Size
15,578 SF
Asset Type
Retail
Closing
Sep 24, 2026
About this deal
AI
1707-1723 Avenue U is a 14,700 SF single-story retail property located on the corner of Avenue U and E 18th Street, featuring 140 feet of contiguous retail frontage along Avenue U. The property sold fully occupied with a sale price of $8,300,000, translating to a price per square foot of $532.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $8,300,000
- Address: 1707 Avenue U
- Market: Brooklyn
- Square Footage: 15,578
- Price Per Square Foot: $532
- Buyer: Alex Lau
- Seller: Charles Santore
- Brokers: Scott Plasky & Alexander Arustamian - Marcus & Millichap
The transaction involved notable figures in the real estate sector, with Alex Lau as the buyer and Charles Santore as the seller. The deal was brokered by Scott Plasky and Alexander Arustamian from Marcus & Millichap. The brokers highlighted that the offering was 100% occupied and encouraged inquiries for similar NYC retail products, with over 25 NYC retail deals currently listed and ready for sale.
On the Map
$8,300,000
$532/SF
Retail
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Brooklyn Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.91%
Cash-on-Cash
-0.55%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93