Joel Jacob Acquires Mixed-Use Property On Fulton St. In Bedford-Stuyvesant

Located at 1290-1294 Fulton St. in Bedford-Stuyvesant, Brooklyn, this mixed-use property has recently been sold in a closed transaction. The buyer, Joel Jacob, acquired the property from the seller, Conrad Gordon. The deal was facilitated by Baruch Edelkopf, Steven Hakakian, and Joseph Rosenfeld of the Schuckman Realty team, who represented the buyer, while Larry Roberts of Arch Brokerage LTD represented the seller.

Summary of transaction details:

• Property Type: Mixed-use
• Sale Price: $4,700,000
• Square Footage: 8,037 SF
• Price per Square Foot: $585
• Building Square Footage: 25,355 BSF
• Price per Building Square Foot: $185
• Loan Amount: $3,500,000

The sale of 1290-1294 Fulton Street was closed on December 15, 2021. The buyer is planning to renovate the existing building, with a focus on updating the retail and office spaces. The property offers several availabilities for lease:

• Retail 1: 2,538 sqft + a 762 sqft mezzanine
• Retail 2: 2,139 sqft
• Retail 3: Leased to Payomatic
• Second Floor: 2,006 sqft modern office/medical use with a 300 sqft lobby on the ground level

A bridge loan of $3,500,000 was secured from David Samuels of Skybrook Capital, who provided favorable terms within a short timeframe. The seller, Gorhar Realty Corp, was represented by Larry Roberts from Arch Brokerage LTD. Gorhar Realty Corp had operated their business, the Fulton Stores, on the property for over 30 years.

For more information regarding availabilities or to discuss multi-family, mixed-use, development sites, and retail deals in the NYC, Long Island, and Tristate markets, interested parties can contact Baruch Edelkopf and Steven Hakakian of the Schuckman Realty Investment Sales Team.