Real estate services firm Cushman & Wakefield announced on Wednesday, November 15 that the sale of two adjacent commercial buildings in Bensonhurst has closed for over $9 million.
The two, two-story adjacent commercial buildings — 6519 and 6523 18th Avenue — total 8,070 square feet and sold for a record price for a property of this kind in this place, coming in at $1,118 per square foot.
“This is a great pair of assets situated in the heart of Brooklyn’s growing Bensonhurst neighborhood,” said Jeffrey Shalom of Cushman & Wakefield. “6519 and 6523 18th Avenue presented the buyer with an exceptional opportunity to invest in one of South Brooklyn’s most sought-after retail destinations.”
This is the second record-setting sale on the stretch in the past few months. In July, Marcus & Millichap announced the sale of a 8,615-square-foot, five-tenant, single-story retail property at 6701 18th Avenue, less than two blocks away, which sold for $6,700,000, breaking down at $778 per square foot, a record price for this asset class on 18th Avenue.
At the time, real estate salesperson Michael Cimino of Marcus & Millichap told this paper, “This sale represents the main trend on this section of 18th Avenue which is that Chinese buyers are buying anything they can in the area and are paying very aggressive numbers, much higher than the rest of the local investment community.”
The corner retail space at 6519 and 6523 18th Avenue is anchored by Capital One Bank through a 15-year lease, according to the firm, while the rest of the building will be vacant shortly after closing.
The two properties are located on the northeast corner of 18th Avenue and 66th Street, in the heart of one of the busiest thoroughfares in southern Brooklyn, near other national retailers like Chase, Bank of America, Starbucks and a brand new 20,400 square foot Target that opened just last month just two blocks away.
It is unclear yet what the buyer plans to do with the space.
The final closing price was $9,020,000.