{"id":1004197105,"date":"2017-11-10T06:19:48","date_gmt":"2017-11-10T14:19:48","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004197105"},"modified":"2018-08-08T08:13:39","modified_gmt":"2018-08-08T16:13:39","slug":"stark-enterprises-enters-nyc-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/stark-enterprises-enters-nyc-market\/","title":{"rendered":"Stark Enterprises Enters NYC Market"},"content":{"rendered":"<p>By Corina Stef<\/p>\n<div id=\"attachment_1004197106\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/183.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004197106\" data-attachment-id=\"1004197106\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/stark-enterprises-enters-nyc-market\/attachment\/183\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/183.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"30 Flatbsuh Ave., New York City\" data-image-description=\"&lt;p&gt;30 Flatbsuh Ave., New York City&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;30 Flatbsuh Ave., New York City&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/183.jpg?w=1000\" class=\"wp-image-1004197106 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/183.jpg\" alt=\"30 Flatbsuh Ave., New York City\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/183.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/183.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/11\/183.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004197106\" class=\"wp-caption-text\">30 Flatbush Ave., New York City<\/p><\/div>\n<p>Stark Enterprises has entered the\u00a0New 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.<\/p>\n<p>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\u2019s 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.<\/p>\n<p>\u00a0\u201c<em>We\u2019ve been planning our entry into the New York market for some time and we knew the time was right when this opportunity presented itself,<\/em>\u201d Stark Enterprises COO Ezra Stark said in prepared remarks. \u201c<em>This move is our first of several planned acquisitions in New York. It\u2019s consistent with our overall strategy of acquiring assets that allow us to unlock hidden value in urban locations that have long-term, opportunistic upsides.<\/em>\u201d<\/p>\n<p>According to public records, the building previously changed hands in 2011 for $57 million. In another recent deal, Stark Enterprises acquired a <a href=\"https:\/\/www.commercialsearch.com\/news\/mid-america-real-estate-closes-ohio-retail-deal\/\">shopping center in Ohio<\/a>.\u00a0<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a joint venture with Sun Equity Partners, the firm purchased an asset leased long-term to Con Ed New York for $98 million.<\/p>\n","protected":false},"author":241,"featured_media":1004197106,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1600,21742,10,21747],"tags":[38304,38232,36685],"class_list":["post-1004197105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-new-york","category-latest","category-northeast","category-office","tag-capstone-equities","tag-stark-enterprises","tag-sun-equity-partners"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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