Frank Perone Acquires Mixed-Use Property In Brooklyn From Kim Crenshaw-Jenkins For $2,825,000

A mixed-use property located at 626 Vanderbilt Avenue in Brooklyn was successfully sold for $2,825,000. The property spans 3,135 square feet, translating to a price per square foot of $901.

Summary of transaction details:

• Property Type: Mixed-use
• Transaction Amount: $2,825,000
• Address: 626 Vanderbilt Avenue
• Market: Brooklyn
• Square Footage: 3,135
• Price Per Square Foot: $901
• Buyer: Frank Perone
• Seller: Kim Crenshaw-Jenkins
• Brokers: Shaun Riney, Andrew Bronsteen & Jason Farese - Marcus & Millichap

The transaction involved notable brokers Shaun Riney, Andrew Bronsteen, and Jason Farese from Marcus & Millichap. A 1031 buyer was found, willing to accept a 5.8% cap rate after a competitive bidding process that featured 20 property tours and received 19 offers. The market for fully free market buildings has been very active, leading to significant sales activity.