News Summary
Yale Properties USA has acquired a property at 321 Starr St. in Bushwick for $17.5 million, marking its entry into the New York real estate market. The purchase retains existing tenants, including a Michelin-endorsed restaurant and a popular climbing gym, as the firm aims to complement current businesses. Principal Harrison Mashaal expresses confidence in the Bushwick retail sector and plans further investments in the area, emphasizing a strategic vision for growth amid evolving retail trends.
Brooklyn, New York – Yale Properties USA, a real estate firm based in Midtown, has completed its first acquisition in the New York market by purchasing the property located at 321 Starr St. in Bushwick for $17.5 million. The acquisition was made from Arel Capital, which is managed by Richard Leibovitch, confirming the ongoing investment interest in one of Brooklyn’s emerging neighborhoods.
The acquisition of 321 Starr St. is notable not just for its price but also for the tenants it retains. Yale Properties has stated that it does not plan to replace any existing tenants, focusing instead on bringing in businesses that can complement those already occupying the building. The property is home to the Michelin-endorsed Thai restaurant Tong, praised in the Michelin Guide as “a welcome hangout” for its distinctive spicy cuisine. Additionally, the location boasts a branch of MetroRock, a rock-climbing gym with a variety of climbing walls, fitness and yoga rooms, and a gear shop.
Principal of Yale Properties, Harrison Mashaal, has indicated confidence in the Bushwick real estate market, particularly within the retail sector. The company aims to acquire additional assets in the area, backing its belief in the potential growth of this part of Brooklyn. The company has established a strategic goal to invest and develop in locations with up-and-coming retail opportunities.
This property has an interesting transaction history. It was acquired in 2015 for $9 million by a firm associated with Cayuga Capital Management before transitioning to Arel Capital. The current site comprises approximately 27,000 square feet and is one story high, providing a substantial space for both existing and future tenants.
Furthermore, despite Harrison Mashaal’s family background, which includes founding Senvest—a Canadian holding company—he clarified that Yale Properties operates independently. This is an important distinction, especially as the firm emphasizes its own strategic vision for growth in particular real estate sectors.
The continuous investment in Bushwick illustrates the neighborhood’s rising influence in New York City’s real estate landscape. As retail trends evolve and demands change, Yale Properties’ commitment to maintaining existing businesses while waiting for future leasing opportunities reflects a calculated approach to property management.
In summary, Yale Properties USA’s acquisition of 321 Starr St. in Bushwick is a significant development for the firm and the neighborhood, further signifying Bushwick’s position as a desirable location for innovative businesses and retail growth. The property’s prominent tenants, including the Michelin-starred restaurant and a popular climbing gym, reflect the diverse and vibrant character of Bushwick, positioning it as a focal point for future investments.
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Additional Resources
- Crain’s New York: Bushwick Home with Tong Thai Restaurant Sells
- Wikipedia: Bushwick
- DNAinfo: Climbing in New York City – Greenpoint
- Google Search: Rock Climbing in New York City
- New York Times: NYC Restaurant News
- Google Scholar: Bushwick Real Estate
- Bushwick Daily: MetroRock Coming to Bushwick
- Encyclopedia Britannica: Bushwick
- Greenpointers: Two Rock Climbing Gyms Slated for 2020 Openings
- Google News: Bushwick NYC Real Estate
Author: STAFF HERE NEW YORK WRITER
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
