December 3, 2020
JLL Capital Markets completed the sale of 531 86th St. in Bay Ridge, Brooklyn, on behalf of Developer’s Realty Corporation. The two-story, 37,412-square-foot retail property was acquired by A&H Acquisitions Corp for $14.1 million.
531 86th St. is located directly off the Gowanus Expressway in close proximity to Bay Ridge’s most popular retailers, restaurants, shopping and fitness centers. The property sits on the north side of 86th between 5th Avenue and Fort Hamilton Parkway with a municipal parking garage nearby for customer convenience.
The JLL team representing the seller included vice chairman Stephen Palmese, managing director Ethan Stanton, Michael Mazzara, Winfield Clifford and Brendan Maddigan.
“86th Street in Bay Ridge has a long history as a powerful retail destination, and this property benefits from its central location, its flexibility and from longstanding existing retail traffic patterns,” said Palmese.
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