Allianz Real Estate has acquired a majority ownership stake in 484-490 Fulton Street, a retail property located in Brooklyn, New York, in joint venture with the Crown Acquisitions Inc. Crown and an institutional investor were the sellers. Crown will continue to act as leasing agent.
The building is located in the bustling, prime downtown section of Brooklyn. With a population of 2.5 million, Brooklyn is one of New York’s largest and most attractive retail markets. The population of downtown Brooklyn is expected to grow by 60% in the next several years as various residential developments come online.
The building was completely refurbished in 2012 and includes retail tenants Express, Planet Fitness, furniture chain Raymour & Flanigan, and Swarovski, a producer of luxury cut lead glass. There is approximately 57,000 ft² (approx. 5,300 m²) available to lease.