Jacob Fulop Of Loom Capital Management Buys Mixed-Use Buildings In Bedford-Stuyvesant For $5.5M

The covered land transaction involved three mixed-use properties located at 1439 Fulton St, 1445 Fulton St, & 484 Tompkins Ave in Bedford-Stuyvesant, Brooklyn. The properties consist of 3 apartments, 7 stores, and 1 office, with a total BSF of approximately 35,000 square feet. The sale price for these properties was $5,500,000, equating to a price per square foot of $157 at a total square footage of 10,383. The seller was Israel Chaplin, and the buyer was Jacob Fulop of Loom Capital Management. The brokerage team from Investment Property Realty Group, including Derek Bestreich, Steve Reynolds, Tom Reynolds, Brian Davila, Noah Middlekauff, and Joe Moravec, facilitated the 7-day completion of the transaction.

Summary of transaction details:

• Property Type: Covered Land (3 Apartments, 7 Stores, 1 Office)
• Transaction Amount: $5,500,000
• Market: Bedford-Stuyvesant, Brooklyn
• BSF: 35,000
• Price per BSF: $157
• SF: 10,383
• Buyer: Jacob Fulop - Loom Capital Management

The purchase was led by Jacob Fulop of Loom Capital Management, who acquired the fully-occupied mixed-use properties for future development. The seller, Israel Chaplin, successfully completed the transaction with a cap rate of 4.5%. The involvement of the brokerage team from Investment Property Realty Group, consisting of Derek Bestreich, Steve Reynolds, Tom Reynolds, Brian Davila, Noah Middlekauff, and Joe Moravec, ensured a seamless and efficient closing process, reflecting the expertise and effectiveness of the team in executing the deal.