Moozeb Family Acquires Mixed-use Property At 1701 Putnam Avenue From Robert Hou For $2.88M

This mixed-use property located at 1701 Putnam Avenue in Ridgewood was sold for $2,880,000. The asset spans 6,290 square feet and was transacted at a price per square foot of $457. The sale occurred at an in-place cap rate of 6.5%, reflecting a competitive market in the area.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $2,880,000
• Square Footage: 6,290
• Price Per Square Foot: $457
• Buyer: Moozeb Family
• Seller: Robert Hou
• Brokers: DJ Johnston & David Caba - Matthews

The property attracted significant interest, generating 12 offers within the first month of marketing, which underscores the demand for well-located mixed-use assets in Queens. This transaction also marks the 10th mixed-use building sold by the brokerage in the year, indicating a successful year of operations.