Selling Points: Banks buys its Brooklyn building
Stan Johnson Company, a national net lease investment brokerage firm, has completed the sale of a Valley National Bank (VNB) building located at 2902 Avenue U Brooklyn, NY to VNB for $7,625,000. The property consists of 3,000 s/f spanning .25 acres.
Jason Maier, a director in the Stan Johnson Company’s New York office, represented the seller/developer, Re/Max Metro, and Michael Blum of CBRE, the exclusive broker for VNB, represented VNB in the transaction. Maier commented, “Our extensive database of both investors and brokers yielded 63 written offers in less than four weeks, allowing us to achieve the highest price per square foot ever sold in the area. Ultimately Valley National Bank elected to purchase their own property. We would like to stress this was not done through a ROFR. VNB competed directly with 1031 exchange buyers and simply outbid its competition. This was truly a win-win.” Valley National Bancorp is a regional bank holding company headquartered in Wayne, New Jersey with over $19 billion in assets.
Published in Real Estate Weekly