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Acquisitions

Gazit-Globe acquires retail condo at 34 North 7th Street

A small profit for the seller

34 North 7th Street (Credit: Douglaston Development)

Gazit-Globe has acquired the retail condo at 34 North 7th Street from Madison Marquette for $47.3 million. The Williamsburg condo spans 59,930 square feet, and encompasses two full city blocks. 

Worth Noting: The retail condo is over 80 percent leased. Tenants include CVS Pharmacy and Brooklyn Harvest Market, according to TRD.

Sign of the times… Madison Marquette paid $45.5 million for the piece in 2014.

Takeaway: Gazit is bullish on the sluggish retail market. The Israeli company recently invested $40 million in Ceasar’s Bay Shopping Center in Brooklyn. Additionally, the firm bought the Brodsky Organization’s 92,000 SF retail condo at 401 East 60th Street for $73.3 million last October.

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