Learn who we are and how we serve our community
Meet our leaders, trustees and team
Developing the next generation of talent
Covering the latest news and trends in the marketplaces industry
Check out wide-ranging resources that educate and inspire
Learn about the governmental initiatives we support
Connect with other professionals at a local, regional or national event
Find webinars from industry experts on the latest topics and trends
Grow your skills online, in a class or at an event with expert guidance
Access our Member Directory and connect with colleagues
Get recommended matches for new business partners
Find tools to support your education and professional development
Learn about how to join ICSC and the benefits of membership
Stay connected with ICSC and continue to receive membership benefits
Stark Enterprises has entered the New York City market with a $98 million acquisition of Downtown Brooklyn, a 258,433-square-foot, six-story mixed-use development a few blocks from the Barclays Center sports stadium. Cleveland-based Stark made the purchase through a joint venture with Sun Equity Partners.
The six-story building is fully leased, with Consolidated Edison Co., New York City’s energy utility, occupying the entire 238,000-square-foot office portion. CVS Pharmacy, JP Morgan Chase Bank and United Healthcare Services occupy the retail spaces, which total 20,413 square feet. The property was custom built for Con Edison in 1971, and the utility company has remained in continuous occupancy for 45 years.
“We’ve been planning our entry into the New York market for some time and we knew the time was right when this opportunity presented itself,” said Ezra Stark, chief operating officer, Stark Enterprises. “This move is our first of several planned acquisitions in New York. It’s consistent with our overall strategy of acquiring assets that allow us to unlock hidden value in urban locations that have long-term, opportunistic upsides.”
By Edmund Mander
Director, Editor-In-Chief/SCT