Goldstein Family Purchases Mixed-Use Property At 580 Seneca Avenue From Zinger Family For $1.775M

The property located at 580 Seneca Avenue in Ridgewood is a mixed-use asset comprising five apartments and a ground floor retail space currently occupied by a restaurant. The sale price achieved was $1,775,000, translating to a price per unit of $355,000 and a price per square foot of $430. The property encompasses a total square footage of 4,125 and was sold at a 5.25% cap rate based on in-place rents, which are estimated to be 20-30% below market rates.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $1,775,000
• Units: 5
• Price Per Unit: $355,000
• Square Footage: 4,125
• Price Per Square Foot: $430
• Buyer: Goldstein Family
• Seller: Zinger Family
• Brokerage Firm: Matthews Real Estate Investment Services
• Brokers Involved: Bryan Kirk, David Caba, DJ Johnston

Bryan Kirk, David Caba, and DJ Johnston from Matthews Real Estate Investment Services represented the transaction, showcasing their expertise in navigating the market dynamics in Ridgewood. Their role was pivotal in facilitating the sale between the Goldstein Family as the buyers and the Zinger Family as the sellers, ensuring the interests of both parties were well-represented throughout the process.