Homegrown Properties Acquires Retail Condo in Downtown Brooklyn for $7.85M

Homegrown Properties, a real estate investment firm led by Mark Goris, has acquired a retail condo at 150 Myrtle Avenue in Downtown Brooklyn from Benjamin Partners, a real estate development and investment firm led by Michael Salzhauer, for 7.85M. The property spans 11,077 square feet and was sold at a price per square foot of 709.

The retail condo is located in a prime location in Downtown Brooklyn, which has seen significant growth in recent years. The area is home to numerous residential and commercial developments, including the City Point complex, which features a Target, Alamo Drafthouse Cinema, and Trader Joe’s.

The property is currently leased to a mix of national and local tenants, including a Starbucks, a Chipotle, and a Sprint store. The retail space is situated on the ground floor of a residential building, which includes 229 rental units.

Matthew Marshall of Marshall Real Estate LLC represented both the buyer and the seller in the transaction. Marshall is a seasoned real estate broker with over 15 years of experience in the industry. He specializes in commercial real estate transactions in the New York City area and has a strong track record of success.

The acquisition of the retail condo at 150 Myrtle Avenue is a strategic move for Homegrown Properties, which has been actively seeking investment opportunities in the New York City market. The property’s prime location, strong tenant mix, and potential for future growth make it an attractive asset for the firm’s portfolio.

Overall, the sale of the retail condo at 150 Myrtle Avenue demonstrates the continued strength of the commercial real estate market in Downtown Brooklyn and the broader New York City area. Despite the challenges posed by the COVID-19 pandemic, investors and developers remain bullish on the long-term prospects of the market, particularly in high-growth areas like Downtown Brooklyn.