Rafiqat Ali Acquires Mixed-Use Property In Midwood, Brooklyn For $1.5M | 1099 Coney Island Avenue | Michael Patti | Mixed-use | Sale

Summary

Sale

NEW YORK

Mixed-use

3,891 sqft

1099 Coney Island Avenue is a mixed-use property located in Midwood, Brooklyn. The property was sold on December 7, 2021, for a total of $1,500,000. It spans across 3,891 square feet with a price per square foot of $385. The property is zoned as R6A and C2-4 and offers a versatile space for both residential and commercial use.

Summary of transaction details

Property Type: Mixed-use
Transaction Amount: $1,500,000
Address: 1099 Coney Island Avenue
Market: Midwood, Brooklyn
Zoning: R6A, C2-4

The buyer of the property was Rafiqat Ali, while the seller was Melina Vozzo. The transaction was facilitated by Michael Patti from Nest Seekers International, who represented the buyer as their broker.

This sale presented several challenges, as the property was in poor condition and all three tenants were not paying rent. Additionally, limited access and Covid measures made showings difficult. However, Michael Patti employed his expertise in the market and utilized his extensive network to market the property widely. As a result, he was able to secure a non-contingent offer at the full asking price, with the buyer purchasing the property "as is" and assuming responsibility for the non-paying tenants. Michael is now assisting the client with a 1031 exchange, leveraging his specialization in this area.

For any property-related inquiries, including broker price opinions, property purchases, or divestment into different asset classes, feel free to contact Michael Patti at 347.578.4035 or [email protected].

Players

All
2

Agents
1
Agencies
1

Michael Patti

Licensed Real Estate Salesperson

$4.4M Sold

Nest Seekers International

Details

Deal Summary

SOLD

IMAGE: Michael Patti DATE: 12/07/2021 ADDRESS: 1099 Coney Island Avenue MARKET: Midwood, Brooklyn ASSET TYPE: Mixed-use ~ ZONING: R6A, C2-4 BUYER: Rafiqat Ali SELLER: Melina Vozzo BROKER: Michael Patti (@MikePattiNYC) - NEST SEEKERS INTERNATIONAL (@NestSeekers) SALE PRICE: $1,500,000 SF: 3,891 ~ PPSF: $385 NOTE FROM BROKER: Mike Patti is one of the most versatile hybrid residential/commercial brokers in the country. As head of the commercial division at Nest Seekers, he assists clients with acquisitions, dispositions & leasing of multi-family, mixed-use, industrial, NNN, development sites, farmland, hotels, office buildings, etc. He recently sold a 400 acre dairy farm outside of Binghamton. He also recently facilitated an industrial/office lease in South Korea. 1099 Coney Island Avenue was a very challenging transaction. The property was in very poor condition. All three tenants were not paying rent. Showings were difficult due to limited access/Covid measures, & the seller was very firm on their ask. Luckily, Mike brought his A game, marketing the property across dozens of different platforms & shopping the property to local operators in his network. With many eyes on the property, he was able to procure a full asking price, non-contingent offer, with the buyer purchasing the property "as is" & all tenants not paying. Mike is now assisting his client with their 1031 exchange as this is one of his specialties, having completed numerous exchanges throughout the country. If you would like a broker price opinion, are considering purchasing a property, or have a property that you would like to divest & exchange into another asset class, contact me at anytime. 347.578.4035 [email protected]

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Address1099 Coney Island Avenue

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