In the largest Sheepshead Bay real estate deal of the last twenty years, Loehmann’s Seaport Plaza on Emmons Ave. has reportedly been sold for approximately $24 million.
The three-story, 280,000 square foot retail center closed on Friday, with its former owner, the Bayrock Group, selling to a still unknown buyer. A source with knowledge of the deal provided the sale price of $24 million, but that number is still unconfirmed. He also said the buyer is a local Russian businessman.
Observers of Sheepshead Bay real estate transactions are surprised by the deal, as the property was not known to be on the market. However, Bayrock Group may have been happy to unload the property when approached by the mystery buyer, given that the group probably has its hands full with the beleagured Trump SoHo Hotel Condominium, which it is developing alongside the Trump Organization and the Sapir Organization. The site has recently been plagued by a number or controversies, including a lethal construction accident, accusations of misleading the public towards its final use, and mob ties. Of course, the mobster accusation is a given, considering one of Bayrock’s own principals was revealed to have quite a shady past.
The Loehmann’s Seaport Plaza deal marks the second largest sale in Sheepshead Bay history, coming just $1 million shy of breaking the record set in 1988, when the Atlantic Towers Apartment Corp. on Ave. Z and East 13th street was sold for $25 million. It’s also notable for being the second record-breaking deal in less than a year; the first being last November’s sale of the site at 1600 Sheepshead Bay Road and 1501 Voorhies Avenue for an all-cash transaction valued at more than $20 million. This means that two of the three largest deals in Sheepshead Bay history were ushered in within the last 8 months.
Tenants of the Loehmann’s building are still unsure of the identity of the new owner, but expect to receive that information within the next two to three days.