Rafiqat Ali Acquires Mixed-Use Property In Midwood, Brooklyn For $1.5M

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].