Algin Management Acquires Retail Property In Gravesend, Brooklyn From Thor Equities For $73M

Algin Management has acquired a retail property located at 1752 Shore Parkway in Gravesend, Brooklyn. The property was sold by Thor Equities for a price of $73,000,000. The transaction took place on 10/01/2019 and the property spans across 200,000 square feet. The price per square foot amounts to $365 and the cap rate for the property is 5.75%. It is worth noting that Thor Equities initially purchased the land for $10 million in 2005 and the building was constructed in 2012.

Summary of transaction details

• Property Type: Retail
• Transaction Amount: $73,000,000
• Address: 1752 Shore Parkway, Gravesend, Brooklyn
• Market: Gravesend, Brooklyn
• Square Footage: 200,000
• Price per Square Foot: $365
• Cap Rate: 5.75%

The transaction was facilitated by Thomas Dobrowski from Newmark Knight Frank, who represented Algin Management in the deal. While the buyer, Algin Management, and the seller, Thor Equities, were the key players in the transaction, the involvement of Thomas Dobrowski as the broker added expertise and guidance to the deal.