Jorge Benavides Acquires Mixed-Use Property In Brooklyn From Ari Schwartz For $1.325M

The asset involved in this transaction is a mixed-use property located at 2204 Fulton Street, Brooklyn. It comprises four residential units and one commercial space, covering a total of 4,680 square feet. The sale price was $1,325,000, resulting in a price per unit of $265,000 and a price per square foot of $283.

Summary of transaction details:

• Property Type: Mixed-use (4 Residential & 1 Commercial)
• Transaction Amount: $1,325,000
• Buyer: Jorge Benavides
• Seller: Ari Schwartz
• Brokers: DJ Johnston & Evan Kashanian - Matthews
• Units: 5
• Square Footage: 4,680
• Price per Unit: $265,000
• Price per Square Foot: $283

Matthews™ represented the lender/owner in the sale, which was characterized as an REO transaction for a fully vacant four-family property in shell condition. Following a rigorous marketing campaign, multiple qualified buyers were identified, ultimately leading to Jorge Benavides successfully closing the deal. Despite a prior basement fire that left the property requiring a full renovation, the buyer perceived it as an opportunity to renovate and reposition the asset.