-- Property at 222 Livingston Street traded for the first time in 40 years --
Eastern Consolidated has announced the closing of a four-story, 5,800-square-foot, mixed-use building at 222 Livingston Street in the heart of Downtown Brooklyn for $4,665,000. It was the first time the building traded in over 40 years.
Directors Andrew Sasson and Evan Street exclusively represented the seller, 238 Livingston Street Realty Corporation, and Eastern Consolidated procured the buyer, Jeff Gerson, a local investor. Wade Hazelton, Director, Financial Services, served as the analyst for the deal.
"The team at Eastern was thorough and professional from the first showing to the closing,” Gerson said. “Downtown Brooklyn is exploding with activity, and I wanted to be a part of its exciting future."
The property consists of retail space on the ground level and second floor, and two, three-bedroom apartments on the two upper floors, with the fourth floor unit including a private rooftop terrace spanning the entire roof.
“This building is located in a prime area of Downtown Brooklyn where new construction is popping up seemingly on every corner and street,” Sasson said. “Located immediately adjacent to 222 Livingston is a 300,000-square-foot development that will contain close to 350 apartments spread across 26 floors. Directly across the street, Tishman Speyer will develop a residential tower in place of what is now a parking garage for Macy’s. Additionally, Tishman Speyer is constructing a high-end office tower on top of the existing Macy’s store diagonally across the street.”
Street continued, “The surrounding development of office and residential buildings will continue to drive the demand for prime retail space in the area, such as the retail 222 Livingston Street offers. Also, the large apartments upstairs will serve the growing community of renters seeking to be close to work or students attending nearby colleges and universities.”
Eastern Consolidated
Powered by a highly skilled team of over 80 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.
