AB Capstone

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Wendy Silverstein, Meir Babaev and 1100 Kings Highway (Credit: CUNY TV)

AB Capstone s Meir Babaev is the majority buyer of two of New York REIT s retail properties for $30.5 million.

Babaev, along with a partner, purchased 1100 Kings Highway and 2067 Coney Island Avenue in Gravesend, documents filed with the city s Department of Finance on Friday. He owns a 70 percent stake in the properties. Investor Richard Harris purchased the remaining 30 percent, records show. The Real Deal reported in March that 2067 Coney Island Avenue was under contract.

Babaev wasn t 上海千花网

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immediately available to comment on the deal.

The adjacent properties are fully leased, with tenants including C上海千花网论坛

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hase 上海千花网论坛

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Bank, Dressbarn and Annie Sez. According to marketing materials, the two buildings generate nearly $2.5 million in annual gross revenue and net $1.8 million in annual operating income. The two properties span a little over 43,000 square feet.

Cushman Wakefield marketed the properties.

The sale is part of New York REIT s planned上海夜网

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liquidation of its 4.4 million-square-foot portfolio, announced back in December 2016. The company, led by Wendy Silverstein, sold the first of its retail properties in January.

Tags: Commercial Real Estate
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