Hassan Family Acquires Mixed-use Building From Terranova Family In Brooklyn For $1.9M

129 20th Street is a mixed-use building located in Brooklyn, featuring a total area of 4,338 square feet. The asset has a zoning designation of M1-2D, which includes a vacant office space situated above occupied retail space. The transaction was finalized for $1,900,000.00.

Summary of transation details:

• Property Type: Mixed-use
• Transaction Amount: $1,900,000.00
• Address: 129 20th Street
• Market: Brooklyn
• Buyer: Hassan Family
• Seller: Terranova Family
• Square Footage: 4,338.0
• Zoning: M1-2D
• Note: 129 20th Street consists of a 4,338 SF mixed-use building with vacant office over occupied retail.

This transaction was driven by significant market activity, generating 8 property tours and 7 offers, which was double the engagement compared to previous brokers. The buyer was sourced through cold-calling three months into the marketing process. Although the buyer's initial offer was competitive, it was initially below the seller's expectations. However, through negotiated seller financing, the buyer's final offer exceeded the market by 13% and surpassed other offers generated during the previous marketing efforts.