Gazit Horizons Acquires The Edge Retail Complex in Brooklyn

Aerial view of The Edge Retail/Image provided by Gazit Horizons

NEW YORK CITY—Gazit-Globe through its subsidiary, Gazit Horizons, acquired The Edge Retail, a 60,000 square-foot retail condominium complex in Williamsburg, Brooklyn for $47.3 million or $790 per square foot. Madison Marquette had purchased The Edge Retail for $45.5 million in 2014. The asset is the retail component of the Edge Condominiums built by Jeffrey Levine’s Douglaston Development. The 900-unit luxury condos have a 500-car parking garage and 1.75 acres of open space and are close to a New York City ferry terminal.

The Edge Retail comprises four buildings, extending for two blocks along Kent Avenue, between North 4th and North 6th streets. Anchored by a CVS Pharmacy and Brooklyn Harvest market, the retail space is 81% leased.