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HFF Closes an Almost $15 Million Mixed-Use Properties Transaction in one of Brooklyn's Growing Neighborhoods

Wednesday, June 24, 2015

2217 Caton Avenue New York HFF recently closed the $14.225 million sale of 2217 Caton Avenue, a 24,214-square-foot mixed-use building in Brooklyn’s Prospect-Lefferts Gardens neighborhood.

HFF marketed the asset on behalf of the seller, Second City Real Estate. Caton Acquisition Partners, LLC purchased the asset free and clear of existing debt. HFF previously assisted the seller in securing financing for the property in January 2014.

The mixed-use property features:

  • Located at the intersection of Caton and Bedford Avenues
  • Approximately four blocks from the Church Avenue subway station
  • Built as condominiums in 2010, the nine-story property has 29 two-bedroom residential rental units
  • 97 percent leased and 2,698 square feet of ground floor retail space, fully occupied by a local daycare center
  • Near Prospect Park and benefits from a 421-a and ICIP tax abatement

The HFF investment sales team was led by managing directors Rob Rizzi and Jeff Julien and associate director Rob Hinckley.

HFF New York City is consistently recognized as one of the most successful mixed-use properties commercial real estate broker in the city. HFF New York has been ranked as a CoStar Power Broker, a Top Investment Sales Firm and Top Large Loan Brokerage Firm by The Real Deal and on The Mortgage Observer’s 50 Most Important People in Commercial Real Estate Finance list.

About Second City Real Estate and Caton Acquisition Partners, LLC

Second City Real Estate (Second City) concentrates on office and multifamily properties located in mid-sized markets with strong economic fundamentals. Second City seeks unique opportunities where reinvestment, repositioning and intensive asset management will generate a material increase in profitability. Across its platform, Second City’s portfolio includes more than 4.5 million square feet of office properties, 4,500 multifamily units and 330 acres of development land.

Caton Acquisition Partners, LLC is a privately held real estate firm with assets in New York and New Jersey.

 






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