Lipa Engel Buys Mixed-Use Property On Third Avenue In Woodstock For $2M

The mixed-use property located at 3060 Third Avenue in Woodstock, Bronx, was sold for $2,000,000. The building spans 7,905 square feet, resulting in a price per square foot of $253. The transaction took place on 03/13/2024, with Lipa Engel purchasing from Mufid Dawani. Ronald Cohen from Besen Partners represented the parties involved in the sale. The property was delivered vacant due to a fire in the residential section, and the sale was made "as is," with a $500,000 credit allocated for necessary repairs.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $2,000,000
• Address: 3060 Third Avenue
• Market: Woodstock, Bronx
• Square Footage: 7,905
• Buyer: Lipa Engel
• Seller: Mufid Dawani
• Broker: Ronald Cohen - Besen Partners
• PPSF: $253

The sale of the property included a $500,000 credit to cover repair costs for the fire damage in the residential area. The selling price reflects a pro forma 7% cap, showcasing the value proposition of the transaction.