SOLD
Leimay Acquires Mixed-Use Property In Williamsburg, Brooklyn For $1.8M
58 Grand Street
Mixed-use
7,300 SF
7,300 SF
Sold 102 days ago
Summary
Sale
NEW YORK
Mixed-use
7,300 sqft
Located at 58 Grand Street in Williamsburg, Brooklyn, this mixed-use property has recently been sold in a closing transaction. The property spans a total area of 7,300 square feet and was sold for a price of $1,800,000, resulting in a price per square foot of $247.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $1,800,000
- Market: Williamsburg, Brooklyn
- Buyer: Leimay
- Seller: Richard Mokha
- Brokers: Nathan Horne, Gregg Haft & Ehab Elshinawy - Compass
The Horne Team from Compass played a key role in facilitating this deal. Nathan Horne, Gregg Haft, and Ehab Elshinawy represented the buyer and seller in the transaction. The property presented unique challenges with a negative net operating income (NOI) and limited potential for near-term upside and financing. Gregg Haft expertly navigated this situation and successfully secured an acquisition grant from a non-profit tenant, resulting in a cash purchase with a quick closing. Furthermore, he explained the benefits of a 170-Bargain Sale to the seller, attorneys, and appraiser, which led to potential tax advantages totaling over $1M for the seller in addition to the purchase price.
For additional information on loft law buildings, tax advantages when selling to non-profits, or to stay informed about upcoming development sites, buildings, and notes, interested parties can reach out to the Horne Team at [email protected] or by texting 706-255-5657.
Players
All
4
Agents
3
Agencies
1
Details
SOLD
IMAGE: Nathan Horne, Gregg Haft & Ehab Elshinawy
DATE: 12/28/2023
ADDRESS: 58 Grand Street
MARKET: Williamsburg, Brooklyn
ASSET TYPE: Mixed-use
BUYER: Leimay
SELLER: Richard Mokha
BROKERS: Nathan Horne (@Horne.Team), Gregg Haft (@HaftGregg) & Ehab Elshinawy (@Ehab.Finds) - Compass (@Compass)
SALE PRICE: $1,800,000
SF: 7,300 ~ PPSF: $247
NOTE FROM BROKER: The Horne Team is pleased to announce the closing of 58-60 Grand Street in Williamsburg, Brooklyn. Though a smaller deal, this transaction warrants a specific shoutout for @gregghaft who expertly navigated a uniquely difficult scenario involving a negative NOI (not negative leverage, negative income) with little chance of near-term upside and no chance of financing. He was able to work with the non-profit tenant to receive an acquisition grant that resulted in a cash purchase with a quick close, as well as explain the relevance of a 170-Bargain Sale to the seller, attorneys, and appraiser. In this instance, the seller's potential tax benefits totaled over $1M on top of the purchase price and all parties were left happy.
For further information about loft law buildings, tax advantages when selling to non-profits, or to be first in line for the various dev sites, buildings, and notes we have coming up this month, feel free to email [email protected] or text 706-255-5657.View on map
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Address58 Grand Street
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