Mohamed Mowad Purchases Development Site From Joel Gross In Brooklyn For $6.35M

The property involved in this transaction is a development site located at 275 20th Street, Brooklyn. The building, which spans 15,200 square feet, has been sold for a total of $6,350,000, resulting in a price per square foot of $418. This asset presents a prime conversion opportunity as it is an office building that the buyer intends to convert into a 50-unit apartment building.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $6,350,000
• Address: 275 20th Street
• Market: Brooklyn
• Square Footage: 15,200
• Price per Square Foot: $418
• Buyer: Mohamed Mowad
• Seller: Joel Gross
• Brokers: Jason Grunberg & Jake Torre - SAB Capital

The deal was facilitated by brokers Jason Grunberg and Jake Torre, who represented the transaction. They highlighted the successful marketing campaign that included multiple tours, offers, and contracts. Their efforts culminated in closing this transaction for one of their long-term clients, emphasizing the significance of their involvement in the successful negotiation and execution of the deal.