Don Balo Purchases Mixed-Use Property From The Chan Family For $2.12M In Brooklyn

The property at 385 7th Avenue in Brooklyn is a mixed-use asset comprising 2 apartments and 1 store. The sale was completed at a price of $2,115,026, translating to a price per unit of $705,009. The total square footage of the property is 3,218, resulting in a price per square foot of $657.

Summary of transaction details:

• Property Type: Mixed-use (2 Apts & 1 Store)
• Transaction Amount: $2,115,026
• Units: 3
• Price Per Unit: $705,009
• Square Footage: 3,218
• Price Per Square Foot: $657
• Buyer: Don Balo
• Seller: The Chan Family
• Broker Representatives: Hirschy Zaks - Venture Capital Properties & Joshua Malekan - Bridge Advisory Group

This transaction marks the first sale of the subject property in over 30 years. The brokers successfully identified a purchaser to close on the property off market within 30 days. There were multiple competing offers, but the seller preferred to work with Hirschy Zaks and Joshua Malekan. The retail space within the property is currently vacant and available for leasing inquiries.