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News Corp. scoops space
November, 22 2011

The Jackson Group has purchased about 40,000 square feet of retail property along Brooklyn’s 13th Avenue in Borough Park. The stores span three blocks running from 4310-24 to 4506 13th Ave. The price was $22,670,133.

The deal was procured by The Jackson Group’s CEO, Ike Chehebar, and Vice President Jonathan Nachmani directly with longtime family owner Sam Goldstein.

Tenants in the retail spaces include Duane Reade, Fabco Shoes, HSBC, The Children’s Place, Mimi Maternity, and Payless Shoe Source.

Although there are many national tenants, “this is a big repositioning opportunity,” said Nachmani. Rents in the area are about $80 a foot for inline stores and $100-plus for the corners.

The buyers concentrate on retail and earlier this year purchased 407 Bleecker St., which was leased to a Jimmy Choo shoe store that just opened.

While the newly purchased Brooklyn stores are also zoned for residential, there are no plans for anything other than to improve the retail, Nachmani said.

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