JZ Capital Partners has announced three property deals this morning – two in Williamsburg to complement their existing portfolio and a third, their first property venture outside New York state, in Miami, Florida.
The deals were done alongside its property joint venture partner, Red Sky Capital LLC, and comprise, in New York, 184-186 and 204-206 Bedford Avenue, two separate properties located in the Williamsburg neighbourhood of Brooklyn, New York. The properties feature frontages of 50 ft. and 40 ft., respectively, on Bedford Avenue, the street with the highest footfall in Williamsburg, and a combined 20,850 sq. ft. of build-to-suit multi-level retail space. The combined purchase price for the two properties was $39.7 million.
In Florida they are buying 2407 NW 2nd Avenue in the Wynwood area of Miami. They say the property features approximately 25,000 sq. ft. of prime retail and flexible office space at the
most important intersection in the Wynwood neighbourhood, with an additional 50,000 buildable sq. ft. providing optionality for future development of residential, office or hotel space. The purchase price for the property was $10.6 million. Currently the ground floor is a gallery.
JZCP : JZ Capital buys property in Miami