New York, NY, November 15, 2012 – Infinity Real Estate LLC, a wholly owned business unit of the Infinity Group, announced today the purchase of a prime 3-property retail portfolio in the NYC boroughs of Brooklyn and Queens. 2131 Nostrand Avenue, a 4,500 square foot retail building in Brooklyn, is fully occupied by Get Set, a longtime local lifestyle and denim fashion retailer. 55-01 Myrtle Avenue, a 5,500 square foot retail building in Queens, is fully occupied by 99 Cent City, a dollar plus general merchandise retailer with over 25 urban locations throughout the tri-state area. Finally, 57-38 Myrtle Avenue, a 4,000 SF retail property in Queens, has been leased to Tiradito Bistro, a local restaurant and event space offering Latin fair. Tiradito is currently completing its tenant improvements, which include a top to bottom interior renovation of the existing three-story property. The restaurant is expected to open its doors in the first half of 2013. These three assets represent the most recent addition to Infinity’s national portfolio of urban retail properties on highly trafficked, mass-transit serviced corridors.
Located in the heart of the Nostrand Avenue/Flatbush Avenue “Junction” corridor in Brooklyn, 2131 Nostrand Avenue is fully leased thru 2022. The Property’s unparalleled position at the intersection of these two avenues provides a retailer an irreplaceable location to attract consumer awareness and traffic. Similarly, 55-01 and 57-38 Myrtle Avenue are located in the heart of the Myrtle Ave corridor in Queens, both flanked by leading brand names and leading national retailers. Some of the Properties’ neighbors include The Gap, Children’s Place, Game Stop, New York & Company, HSBC, Target, and Best Buy.
The portfolio acquisition affirms Infinity’s desire to acquire and redevelop unique retail opportunities in irreplaceable locations. Through the acquisition and redevelopment of highly visible and highly valuable urban retail sites, with large consumer appeal, robust surrounding density, foot-traffic and mass-transit service, Infinity aims to expand the urban retail portfolio and become a market leader in Manhattan and other gateway US cities.