Leimay Acquires Mixed-Use Property In Williamsburg, Brooklyn For $1.8M

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 horne.team@compass.com or by texting 706-255-5657.