Stark Enterprises Enters NYC Market
In a joint venture with Sun Equity Partners, the firm purchased an asset leased long-term to Con Ed New York for $98 million.
By Corina Stef
30 Flatbush Ave., New York City
Stark Enterprises has entered the New York City market with the $98 million purchase of an office building in Brooklyn, in a joint venture with Sun Equity Partners. Capstone Equity sold the 258,433-square-foot property, which has a retail component.
Located at 30 Flatbush Ave., the six-story property is anchored by Con Ed New York, which has been occupying no less than 238,000 square feet of space since the building’s completion in 1971. Additionally, the property includes 20,413 square feet of ground-floor retail space leased to CVS Pharmacy, JP Morgan Chase Bank and United Healthcare Services. The property is situated in the vicinity of the Barclays Center, art theaters, eateries, retailers and hotels.
“We’ve been planning our entry into the New York market for some time and we knew the time was right when this opportunity presented itself,” Stark Enterprises COO Ezra Stark said in prepared remarks. “This move is our first of several planned acquisitions in New York. It’s consistent with our overall strategy of acquiring assets that allow us to unlock hidden value in urban locations that have long-term, opportunistic upsides.”
According to public records, the building previously changed hands in 2011 for $57 million. In another recent deal, Stark Enterprises acquired a shopping center in Ohio.
Image courtesy of Yardi Matrix
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