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1308 Jefferson Avenue

Ali Family Purchases Mixed-Use Building At 1308 Jefferson Avenue Brooklyn From Northeast Bank For $1.35M
SOLDMixed-use

Ali Family Purchases Mixed-Use Building At 1308 Jefferson Avenue Brooklyn From Northeast Bank For $1.35M

1308 Jefferson Avenue

$1,350,000

$158/SF

Building Size

8,500 SF

Asset Type

Mixed-use

Closing

May 1, 2025

AI

The asset involved in the transaction is a mixed-use building located at 1308 Jefferson Avenue in Brooklyn, selling for $1,350,000. This Lender-Owned property includes 1 retail unit, 7 apartments, and 2 garages, encompassing a total of 8,500 square feet. The price per unit is calculated at $192,857, while the price per square foot stands at $158.

Summary of transation details:

  • Property Type: Mixed-use
  • Transaction Amount: $1,350,000
  • Units: 7
  • Square Footage: 8,500
  • Price Per Unit: $192,857
  • Price Per Square Foot: $158
  • Buyer: Ali Family
  • Seller: Northeast Bank
  • Broker: DJ Johnston - Matthews Real Estate Investment Services

DJ Johnston, representing the seller, facilitated the transaction despite the property facing compliance challenges. It was part of the HPD’s Alternative Enforcement Program and the CONH-HPD Pilot Program list. The majority of the units were rent stabilized, with ongoing collection and litigation issues, impacting the overall management of the property.

Players

DJ Johnston

Matthews

Broker

$504.3M

vol

105 deals

Broker
Matthews
Matthews Brokerage
Northeast Bank
Northeast BankSeller

Brooklyn Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

11.75%

Cash-on-Cash

-3.36%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93