Thor Equities closed two real estate deals this past week. It sold 463 86th St in Bay Ridge, Brooklyn, to the Zucker Organization for $5.7 million and bought 98 Morningside Ave in Harlem for $22 million from Baruch Singer.
Located on 86th street between 4th & 5th Avenues, 463 86th Street sits in the midst of one of Brooklyn’s busiest retail corridors, Bay Ridge. It is situated directly across the street from the world famous Century 21 department store. The building comes with 20 feet of frontage on 86th Street.
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The street is lined with national retailers like Starbucks, Aldo, Aerosoles, Century 21, TJ MAXX, and MODELLS.
The listing from Massey Kankal says that it has two stories, and offers a combined approximately 4, 475 square feet of retail space. The ground floor contains approximately 1, 980 square feet, the second floor features 1, 174 square feet, and the cellar measures 1, 321 square feet. An additional 2, 846
square feet of air rights are available.
The property is fully occupied by Chipotle Mexican Grill, Inc. which is in the first year of a 15 year lease with three successive five year renewal options. Chipotle is currently paying $300, 000 per year and the rent will increase 10% every 5 years.
Built in 1910, 98 Morningside Avenue has 48 rental units over 7 stories. It is located across from Morningside Park.
