Federal Realty Investment Trust pays $85M for mall in Mill Basin

Federal Realty Investment Trust through the entity FR Georgetowne, LLC paid Georgetowne Center Brooklyn LLC $85.0 million for 2183 Ralph Avenue, 2095 Ralph Avenue, 2085 Ralph Avenue in Mill Basin. The deal closed on November 12, 2019, and was recorded on November 20, 2019. The transaction consists of 3 parcels, including the tax class shopping center with parking facilities (K6). The property, known as the Georgetowne Shopping Center, is 156,536 square feet. The parcel(s) have total development potential of 235,005 square feet.
The average sale price per square foot is $362.
The estimated cap rate is 3.4%
The last time the property sold was July 21, 2015, for $32,711,808.

Over the past five years, there have been 20 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 20 renovation/alteration projects (A2) applied for with a total estimated value of $2,488,878.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link