Updated On
07/21/08 at 04:19PM
Sheepshead Bay shopping center sells for $24 million
Loehmann's Seaport Plaza
Loehmann's Seaport Plaza in Sheepshead Bay, Brooklyn, was sold by the Bayrock Group to a group of local and European investors for $24 million. The three-story retail property at 2101 Emmons Avenue, anchored by Loehmann's, occupies 63,000 square feet, in addition to a 50,000-square-foot parking garage. The new owners plan on keeping it a retail center. Erik Yankelovich, who represented the buyers, said the shopping center's rent is about $35 per square foot in a market that commands about $60, but Loehmann's lease isn't expiring anytime soon. The deal was first reported by the blog Sheepshead Bites. TRD
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Comments
Anonymous
sheepshead bites blog had this story 2 weeks ago
Comment #1 Posted By: Anonymous 07/21/08
Anonymous
this is a good center, occupancy has been stable for as long as i have known. even the sub-grade space seems to be in constant demand. however this deal poses some risk associated with lack of public information on Loehmann's financial situation.
Comment #2 Posted By: Anonymous 07/22/08
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