Joel Radmin Acquires Mixed-Use Property In Downtown Brooklyn From Sharon Frank For $5.9M

The property asset involved in this closed transaction is a mixed-use property located at 88-90 Court Street in Downtown Brooklyn. The property was sold on 05/16/2019.

Summary of transaction details

• Property Type: Mixed-use
• Transaction Amount: $5,900,000
• Address: 88-90 Court Street, Downtown Brooklyn
• Market: Downtown Brooklyn

The seller of the property was Sharon Frank, and the buyer was Joel Radmin. The transaction was facilitated by a team of brokers, including Chris Varjan from @cvar23, Vickram Jambu from @VickramJambu, George Steffani, and Jonathan Braun from @braunjon @leeassociatesnyc.

The property had an asking price of $6,500,000 and was ultimately sold for $5,900,000. It offers a total area of 9,248 square feet, resulting in a price per square foot of $647.

It should be noted that the in-place cap rate was approximately 3%. Additionally, there is significant potential to add value to the property, as well as a total buildable square footage of 18,477. The remainder of the seller's portfolio is in contract and was also represented by Lee & Associates.