Parviz Farahzad Purchases Retail Condominium At 1600 Flatbush Avenue For $41 Million With Colliers Brokers

The property involved in this transaction is a retail condominium located at 1600 Flatbush Avenue in Brooklyn. The asset spans a total of 63,848 square feet and was sold for a price of $41,000,000, equating to $642 per square foot.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $41,000,000
• Square Footage: 63,848
• Address: 1600 Flatbush Avenue
• Market: Brooklyn
• Buyer: Parviz Farahzad
• Seller: Triangle Equities
• Brokers: Andrew Jacobs, Jacklene Chesler, Patrick Norris & Philippe Jomphe - Colliers

This transaction features a ground floor retail condominium that is fully occupied by national retailers including Aldi, HomeGoods, AT&T, Diamond Braces, and Applebee’s. The property has long-term stability with a weighted average lease term exceeding seven years and benefits from strong consumer traffic, enhanced by its proximity to Target in a high-performing shopping district.