The Smith Family Acquires Mixed-Use Property On Vanderbilt Avenue In Prospect Heights For $2.2M

The property involved in the sale is a mixed-use asset located at 585 Vanderbilt Avenue in Prospect Heights, Brooklyn. It was sold for a price of $2,225,000. The property spans a total area of 2,280 square feet, resulting in a price per square foot of $976.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $2,225,000
• Address: 585 Vanderbilt Avenue, Prospect Heights, Brooklyn

The buyers of the property are The Smith Family. The transaction was facilitated by the brokerage firm Marcus & Millichap, with Shaun Riney, Andrew Bronsteen, Jason Farese, and Mark Zarrella serving as the brokers involved in the deal.

The brokers noted that the sale achieved a record price per square foot for 2-over-1s on Vanderbilt Ave in Prospect Heights in the last 20 years. They also mentioned that the buyer paid in cash for a highly desirable location in a rapidly appreciating market. The building is described as being in great condition and holds potential for increased rental income.