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The commercial real estate company Gazit-Globe Ltd. (NYSE: GZT; TZE: GZT; TSX: GZT) yesterday announced the acquisition of another commercial property in Brooklyn, New York for $ 47.3 million. The property is called The Edge Retail and is located in the Williamsburg district of Brooklyn. It has 5,600 square meters of rental space. The purchase is the second largest real estate company in Brooklyn in two months and the third in New York.
Gazit-Globe operates in the United States through its wholly owned subsidiary, Gazit Horizons. The newly acquired property is the commercial part of The Edge, a luxury residential area with over 900 housing units, 500 parking spaces, seven dunam (1.75 acres) of open space, and a ferry terminal from Wall Street and Manhattan City. The current occupation rate of the property is 81%.
The site, on which four buildings are located, is located between two streets along Kent Avenue, which runs along the Williamsburg waterfront. 150,000 people live within two kilometers of the property and 1.25 million live within five kilometers.
Jeff Mooallem, CEO of Gazit Horizons, said, "We have been following the Williamsburg district for quite some time and believe that an ideal combination of location, tenants and attractiveness for our model. In the past decade, the population within a half-kilometer radius of the property has increased by 75% and the average household income has reached $ 160,000. We believe Williamsburg's waterfront will continue to grow and that the property will benefit from future population growth, the number of employees in the offices and ferry pbadengers. . The addition of the property to our portfolio in New York fits perfectly with our strategy.
The majority shareholder and CEO of Gazit-Globe, Chaim Katzman, wrote a letter to the company's investors last March: "We acquired three properties in New York, Miami and Boston for a total of 450 million shekels ($ 140 million at the date of the letter, OC). We intend to continue to increase this portfolio until it reaches 2-3 billion dollars in 3 to 5 years.
Gazit-Globe then announced the acquisition of three other properties in Brooklyn for $ 63 million 250 million
Published by Globes [online] Israel Economic News – www.globes-online .com – July 5, 2018
© Copyright of Globes Publisher Itonut (1983)) 2018
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