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Retail investors pay $10M for Flatbush properties
January, 16 2012

A group of retail-focused investors led by the Chehebar brothers closed this past Friday on the $10.14 million acquisition of three adjacent parcels in a retail hub of Flatbush known as the Junction, a representative for the buyers told The Real Deal.

The buying group was headed by Ike and Elliot Chehebar’s Jackson Group and also included Aurora Capital’s Robert Cayre and A&H Acquisitions’s Alex Adjmi. All three firms own significant retail properties in New York City.

The Brooklyn portfolio, sold by Flatbush Federal Savings Bank, includes its three-story, former headquarters at 2146 Nostrand Avenue at the intersection of Flatbush Avenue and Hillel Street, and the parcels 2158 and 2166 Nostrand Avenue. The entire package includes 170 feet of frontage, and will provide about 50,000 square feet of retail space, Jonathan Nachmani, a vice president at the Jackson Group, said.

The sale has not yet appeared in city property records. Flatbush Federal did not respond to a request for comment.

Last August, A&H announced a 20-year triple-net lease with Dallas BBQ for 15,500 square feet in the bank’s former space with an asking rent of $700,000, the New York Post reported. By then, the buyers controlled the site through a contract they signed in March 2010, public records show.

Additional tenants for the location include Blink Fitness, a mass-market division of the Related Companies’ subsidiary Equinox Fitness Clubs, which will occupy a newly constructed building where there is now a parking lot at 2166 Nostrand Avenue. The adjacent White Castle restaurant at 2158 Nostrand Avenue will be replaced by a Steak ’n Shake by the third quarter of this year, Nachmani said.

— Adam Pincus

Related Link: Retail investors pay $10M for Flatbush properties
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