Patoma Partners Acquires Mixed-Use Property In Bushwick From The Salerno Family For $2M

284 Suydam Street, located in Bushwick, was recently sold in a mixed-use property transaction. The property, which overlooks Maria Hernandez Park, is a prime investment opportunity. It features a total of 4 units with a spacious area of 4,875 square feet. The sale price for this property was $2,000,000, resulting in a per unit price of $500,000. The price per square foot is $410, making it an attractive deal for buyers. The property is zoned as R6, allowing for various mixed-use possibilities.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $2,000,000
• Units: 4
• PPU: $500,000
• Square Footage: 4,875
• Price per Square Foot: $410
• Market: Bushwick
• Buyer: Patoma Partners
• Seller: The Salerno Family
• Brokers: Shaun Riney, Mike Salvatico, and Michael Kolbus (NYM Group) - Marcus & Millichap

The sale of 284 Suydam Street was a significant event, as it marked the first sale of the property in over 50 years. The property's mixed-use zoning offers potential for various opportunities and its location overlooking Maria Hernandez Park adds to its appeal. It is worth noting that an office tenant vacated the property due to the impact of Covid, prompting the seller to exchange it for a management-free, net-leased property with higher cash flow. Shaun Riney, Mike Salvatico, and Michael Kolbus from the NYM Group at Marcus & Millichap were the brokers involved in the deal. They can provide further details about this transaction, similar properties for sale, and assistance with real estate transitions.