Bo Chen Acquires Mixed-Use Property At 5818 Fifth Avenue Brooklyn From Martin Kusnetz For $1.8M

This mixed-use property located at 5818 Fifth Avenue in Brooklyn features two apartments above a retail store. The asset was sold for $1,800,000, equating to a price per square foot of $450, with a total square footage of 4,000. The transaction highlights a prime location in the Sunset Park neighborhood of Brooklyn.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $1,800,000
• Address: 5818 Fifth Avenue
• Market: Brooklyn
• Square Footage: 4,000
• Price per Square Foot: $450
• Buyer: Bo Chen
• Seller: Martin Kusnetz
• Brokers: Jake Torre & Jason Grunberg - SAB Capital

Jake Torre and Jason Grunberg from SAB Capital represented the seller in this transaction. The sale was conducted through a comprehensive marketing process, leveraging competition from multiple buyers and achieved a record in-place cap rate of 4.17%. The buyer, Bo Chen, proceeded with an all-cash, non-contingent offer, highlighting the strong interest in the property.