ABJ Properties Acquires Mixed-Use Portfolio In Brooklyn For $19.4M

The mixed-use property located at 720 Degraw Street, 755 Rogers Avenue, 854 4th Avenue, 936 4th Avenue, 392 4th Street, 185 5th Avenue, and 22 Covert Street in Brooklyn has been sold. The property is zoned as R6A and C1-4, allowing for a variety of uses. The transaction took place on 05/05/2021.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $19,440,000
• Market: Brooklyn
• SF: 61,503
• PPSF: $316
• CAP: 6.5%

The buyer of the property is ABJ Properties, while Joseph Perri acted as the seller. The deal was facilitated by the brokers Brandon Thomas, Scott Dweck, and Jeff Karp from Latitude Property Group.

The initial asking price for the property was $23,000,000. However, the final sale price was negotiated at $19,440,000. With a total square footage of 61,503, the price per square foot amounts to $316. The capitalization (CAP) rate for this transaction is 6.5%.