Jay Lakhani And Johnny Lakhani Acquire Development Site From Angelo Vasquez For $1.7M

The property asset involved in the transaction is a development site located at 1300 Bushwick Avenue in Brooklyn. The sale price was $1,700,000, and the unit count is 3, resulting in a price per unit of $566,666. The building has a total built square footage of 8,626, equating to a price per built square foot of $197. The square footage is noted as 3,969, yielding a price per square foot of $428. The lot size measures 35 x 82 feet.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $1,700,000
• Units: 3
• Price per Unit: $566,666
• Built Square Footage: 8,626
• Price per Built Square Foot: $197
• Square Footage: 3,969
• Price per Square Foot: $428
• Lot Size: 35 x 82 feet
• Buyer: Jay Lakhani & Johnny Lakhani
• Seller: Angelo Vasquez
• Brokers: Joshua Malekan & Roy Oskar - Bridge Advisory Group

Joshua Malekan and Roy Oskar represent the seller, Angelo Vasquez, in this transaction. They have indicated a need for more vacant 3-5 family properties in Northwestern Brooklyn, particularly mixed-use and value-add opportunities. They are also open to exploring deals in Manhattan, including RS and IMD properties, with a focus on both challenging and straightforward transactions.