Newswire

Brooklyn Property Sells After 40 Years of Ownership

After 40 years of continuous ownership, Jung Kwon of J & Y Utica Corp. has sold 280-288 Utica Avenue, a 10,800-square-foot mixed-use property in the Crown Heights neighborhood of Brooklyn, for $7,325,000, approximately $678 per square foot. The building was purchased by David Bowen and Matthew Wright.

The complex is leased to a range of merchants and fast food establishments on a long-term basis. The second floor consists of hair stylists and a dental practice, and the third floor is to be delivered completely vacant.

Cushman & Wakefield’s Daniel Abbondandolo and Dimitri Mastrogiannis, with DJ Johnston of B6 Real Estate Advisors, represented the seller.

“This property has been sold as a long-term repositioning opportunity,” Abbondandolo said. “The asset’s prime location on the corner of Utica Avenue and Eastern Parkway will allow retail tenants to flourish as a result of strong visibility and heavy foot and car traffic at the busy intersection.”

 

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