Russ Nazrisho Acquires Industrial Property At 770 3rd Avenue Brooklyn For $5.5M

The property asset involved in this transaction is located at 770 3rd Avenue in Brooklyn, classified as an industrial asset. The sale price achieved was $5,500,000, with a total square footage of 24,500, resulting in a price per square foot of $224.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $5,500,000
• Address: 770 3rd Avenue
• Market: Brooklyn
• Square Footage: 24,500
• Price per Square Foot: $224
• Buyer: Russ Nazrisho
• Seller: Mike Roseman
• Buyer's Representative: Frederick Betesh - Tri State Commercial Realty
• Seller's Representative: Jack Sardar - Tri State Commercial Realty

Frederick Betesh and Jack Sardar, both from Tri State Commercial Realty, represented the buyer and seller respectively in this transaction. The listing process for this property spanned a few years, and it was successfully sold just three days prior to a bankruptcy situation, with a cash buyer who was secured to close within 30 days. The achieved price was within 10% of the asking price amid market skepticism regarding the price guidance.