RD Management and Yassky Properties Acquire 55 5th Ave in Brooklyn, New York for $4.15 Million
July 23, 2018
Partners purchase mixed-use building in heart of Park Slope neighborhood
RD Management LLC, one of the nation’s largest privately held real-estate development and management organizations, announced today it has acquired a mixed-use building located at 55 5th Avenue in Brooklyn, New York alongside partner Yassky Properties. The companies purchased the building from Burke Leighton Asset Management for $4,150,000. Yassky Properties will manage the property.
The 6,316-square-foot mixed-use building on 5th Avenue, between Bergen Street and Saint Marks Avenue, offers six apartments and a ground-level, 1,390-square-foot retail space that is currently vacant. The four-floor walkup was built in 1920 and provides railroad style, two-bedroom apartment units and lower-level storage. Situated in a bustling retail corridor in Park Slope, a highly coveted residential neighborhood in Brooklyn, the building is in close proximity to the popular sports arena and event venue Barclays Center and also Prospect Park. Residents of 55 5th Ave will have easy access to Brooklyn’s largest transportation hub, Atlantic Terminal, and surrounding retailers including Whole Foods Market, Starbucks, SoulCycle, and Shake Shack, as well as City Point, one of the largest shopping destinations in Brooklyn.
“At RD Management, we’re continuously seeking new opportunities that will allow us to expand and diversify our portfolio beyond traditional retail,” said Richard Birdoff, principal and president of RD Management. “The acquisition of 55 5th Ave couldn’t have presented itself at a better time as the Brooklyn real estate market is thriving and we have a growing presence in the borough. We’re looking forward to working with Yassky Properties to enhance both the retail and multifamily portions of the mixed-use asset and provide eager residents of Park Slope, named the most livable neighborhood in New York by New York Magazine, a great place to live.”
“This acquisition will enhance Yassky Properties’ growing presence in Brooklyn, where we currently own and manage a number of multifamily and mixed-use properties,” added Charles Yassky, principal of Yassky Properties. “We also look forward to continuing our longstanding partnership with RD Management.”
RD Management owns 29 properties in New York and has more than 150 properties in its national portfolio. Those interested in leasing space at 55 5th Ave can contact Peter Schubert at email@example.com or (718) 768-7788.