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BROOKLYN, NY-A two-plus acre site with close to 100,000 sf at 1600 Sheepshead Bay Rd. and 1501 Voorhies Ave. in the Sheepshead Bay section of Brooklyn was sold by Leonard Halpern and Scott Feiden of Brooklyn for $20.4 million. The buyer, Acadia Realty Trust has plans for a mixed-use development with national retail tenants, extensive parking and a layout that will, according to sources, change the face of the Sheepshead Bay shopping area.

A source close to the deal tells GlobeSt.com that it’s still pretty early in the planning stages, however the source did note that it will be a major shopping destination, which the area has never been known for. “The buyer was attracted to the size of the site,” the source says. “They were also drawn towards the fact that it has two entrance points to the subway and easy access to the Belt Parkway.”

According to records from Massey Knakal, who was the sole broker in the transaction, and PropertyShark.com, this was the largest sale in Sheepshead Bay in the past 20 years and the second largest sale in Sheepshead Bay history. All the commercial leases expire by July 2010.

The properties are located on the north side of Voorhies Avenue between Sheepshead Bay Road and East 14th Street. The 1501 Voorhies Ave. location consists of approximately 83,962 sf of land with a one-story, 8,400-sf building on the property. The lot has a lease that expires in December 2007. The 1600 Sheepshead Bay Rd. portion consists of approximately 12,709 sf of land with an 11,870-sf, two-story, mixed-use building on the property with five retail stores, five offices and one residential apartment.

The source explains to GlobeSt.com that the selling a property for more than $20 million is not the norm in this area. “They made out very nicely,” the source adds. “This sale is indicative of a neighborhood emerging. Retail arrives when there is a need.”

Combined, the properties contain almost 330,000 commercial buildable sf, or almost 235,000 residential buildable sf. The site is highly visible with impressive frontage on both Voorhies Avenue and Sheepshead Bay Road. The Sheepshead Bay waterfront is located two blocks away and is thriving with numerous restaurants and retail locations.

“The site’s irregular, asymmetric configuration and high water table presented design and cost challenges to potential developers,” notes Massey Knakal broker Brian Hanson, who exclusively represented the seller with chairman and founding partner Robert Knakal and managing director and partner Brian Leary. “Massey Knakal reached out to developers of all levels from local, regional, national and international markets.”

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