Lewis Barbanel Of BRM Development Purchases Retail Plaza In East Greenbush For $17.25M

A 111,000-square-foot retail asset located at 598 Columbia Turnpike in the East Greenbush market was sold for $17,250,000. The property is anchored by Hannaford and represents the first investment of BRM Development in the Albany region, financed through a loan of $10.4 million from UBS AG.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $17,250,000
• Buyer: Lewis Barbanel - BRM Development
• Seller: Sacco of Albany LLC & Josben Sacco LLC
• Square Footage: 111,000
• Price Per Square Foot: $155
• Financing: $10.4M loan from UBS AG

The transaction featured Lewis Barbanel representing BRM Development as the buyer, marking a strategic entry into the Albany market, while the sellers were Sacco of Albany LLC and Josben Sacco LLC, facilitating the transfer of ownership.