A small profit for the seller
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.