Office and retail building traded at a 5.7% cap
Interborough Developmental & Consultation Center (IDCC) has acquired 1623 Kings Highway in Gravesend from Ilan Goldstein for $18 million, according to city records. The office and retail building spans 21,960 square feet, and features 137’ of retail frontage on Kings Highway and East 17th Street.
Tenants include… Verizon Wireless (3,894 SF), Tiger Schulman’s MMA (4,575 SF), and the buyer (IDCC) – a mental health provider (11,491 SF). The property traded at around a 5.7 percent cap rate.
Be Smart: The property benefits from a 15-year ICIP abatement, which only has five years remaining.
Flashback: Goldstein paid $17 million to New York REIT for the property in 2016.