The Corsa Building Purchases Mixed-Use Asset From Jonathan Steingraber & Michelle Pais For $3.1M

The mixed-use property located at 2-4 Garber Square in Ridgewood has been sold for $3,100,000. The building encompasses a total of 6,000 square feet, translating to a price per square foot of $516. This asset was previously acquired by the seller, Jonathan Steingraber and Michelle Pais, in 2019 for $1.9 million and underwent significant renovations, including a new roof and second-floor updates.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $3,100,000
• Square Footage: 6,000
• Price Per Square Foot: $516
• Address: 2-4 Garber Square
• Market: Ridgewood
• Seller: Jonathan Steingraber & Michelle Pais
• Buyer: The Corsa Building
• Seller's Representative: Jonathan Steingraber - Signature Realty NJ
• Cap Rate: 7.25%

Notably, Jonathan Steingraber secured two first-floor retail franchise tenants, Tostique and Coder School, along with two long-term leases for the remaining units in the building, showcasing a strategic repositioning of the asset after stabilizing occupancy post-eviction.