AP 1035 W Lake St LP Acquires Mixed-Use Property In Fulton Market For $9.5M

The mixed-use property located at 1035 W. Lake St. in Fulton Market has been sold for a total of $9,500,000. The transaction took place on November 19, 2021. The property spans a total of 22,000 square feet, resulting in a price per square foot of $431. It consists of 5 units, with each unit valued at approximately $1,900,000.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $9,500,000
• Address: 1035 W. Lake St.
• Market: Fulton Market
• Units: 5
• Price per Unit: $1,900,000
• Total Square Footage: 22,000
• Price per Square Foot: $431

The buyer of the property is AP 1035 W Lake St LP, while the seller is West Lake Condominium Association. Vickie Soupos from RE/MAX Destiny represented the buyer in the deal, and Matthew Neistat from Jameson Sotheby's International Realty represented the seller. Both Vickie Soupos and Matthew Neistat played instrumental roles in facilitating the transaction, negotiating a cash deal with no contingencies within just 30 days.

A noteworthy aspect of this sale is the strategic approach employed by Matthew Neistat. In February 2021, the owners enlisted Matthew's services and decided to explore the market for potential buyers. Instead of focusing on development opportunities, Matthew positioned the property as an income-producing investment. This approach, coupled with his extensive network and partnerships, led to a successful purchase and sale agreement with Vickie Soupos and her buyers. The property officially closed on November 19, 2021.