Henry Zheng Purchases Mixed-Use Building From Guttman Family For $985,000 In Brooklyn

1104 Bushwick Avenue is a corner mixed-use building located in Brooklyn, featuring one commercial unit and five residential units. The property was sold for $985,000, encompassing a total of 4,000 square feet, resulting in a price per unit of $197,000 and a price per square foot of $246. The building includes five rent stabilized apartments above a ground floor deli.

Summary of transaction details:

• Property Type: Mixed-use (1 Commercial & 5 Residential)
• Transaction Amount: $985,000
• Buyer: Henry Zheng
• Seller: Guttman Family
• Brokers: DJ Johnston & Evan Kashanian - Matthews
• Units: 6
• Square Feet: 4,000
• Price Per Unit: $197,000
• Price Per Square Foot: $246
• Cap Rate: 7.7%

During the transaction, DJ Johnston and Evan Kashanian represented the seller, Guttman Family. They successfully sourced an out-of-state buyer who acknowledged the value of the underlying real estate and the attractive basis despite challenges associated with rent regulation. The sale included estimated renovation costs in the purchaser's all-in basis.