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

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.