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Commercial Observer
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Edited by Jotham Sederstrom | Jsederstrom@observer.com

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Tuesday March 19, 2013
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New Bank of America Building in Bensonhurst, Brooklyn Sells for Whopping $8.45 Million

BY AL BARBARINO

A 4,000-square-foot Bank of America branch location under construction at 6601 18th Avenue in Bensonhurst, Brooklyn has changed hands for $8.45 million, city records show.

The property sits on the corner of 66th Street and 18th Avenue, which is also known as Cristoforo Colombo Boulevard and is one of the neighborhood’s most visible and heavily-trafficked thoroughfares.

Massey Knakal marketed the property, originally for $9.75 million, as offering “a high yield, management free investment opportunity in the heart of one of Brooklyn’s fastest growing middle-class neighborhoods.”

To read the full story, click here.

Fornino Park Slope Closed, But Greenpoint Branch to Open As Soon As Next Month

BY BILLY GRAY

The Italian restaurant Fornino will be opening a new location at 849 Manhattan Avenue in Greenpoint as early as next month.

Chef and partner Michael Ayoub opened Fornino at 187 Bedford Avenue in Williamsburg in 2004. The Neapolitan pies and pastas were enough of a hit to spawn an offshoot in Park Slope, where Mr. Ayoub made his name at Cucina in the early 1990s. His fortunes in the Brownstone neighborhood changed, and Mr. Ayoub abruptly left the restaurant. Fornino Park Slop closed last month.

Now, Mr. Ayoub is looking farther north in Brooklyn's younger, trendier precincts. A spokeswoman for Fornino confirmed that a Greenpoint outpost is under construction, and could be open by mid-April. Grub Street reported yesterday that a source had tipped them off to the development. Mr. Ayoub will also operate a concession stand at Brooklyn Bridge Park this summer.

To read the full story, click here.

Historic Milford Plaza Hotel Sells For $325 Million

BY AL BARBARINO

The historic Milford Plaza Hotel in the heart of the Theatre District was sold for $325 million, city records show, confirming previous reports that real estate investor David Werner and Deutsche Asset & Wealth Management’s real estate investment business were in talks to purchase the ground lease at the site.

Last month The Wall Street Journal reported that ownership, Rockpoint Group and hotel operator Highgate Hotels, would sell the property in three parts—the ground lease, the 1,300-room hotel and the property’s retail space—for an expected $650 million.

That report stated that Rockpoint and Highgate were also in talks to sell the hotel’s retail and hotel rooms to New York-based Ashkenazy Acquisition Corp.

Ownership, under the Rockpoint Fund III, purchased the Milford Plaza Hotel for roughly $200 million in 2010, city records show, and then upgraded the rooms and common areas.

To read the full story, click here.

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