The Sharrati Family Acquires Mixed-Use Property In Williamsburg For $22.5M

The mixed-use/multifamily property located at 119-123 Kent Avenue in New York's Williamsburg neighborhood was recently sold for a price of $22,500,000. The property spans a total of 15,510 square feet, resulting in a price per square foot of $1,450. The asset consists of 20 units, including 17 residential units, 3 retail spaces, and 1 office. The purchase price per unit was approximately $1.1 million.

Summary of transaction details

• Property Type: Mixed-Use/Multifamily
• Transaction Amount: $22,500,000

The sellers of the property were CW Realty Management, Joyland Group, and Meral Property Group. On the other hand, the buyers were the Sharrati family. Representing the buyer in the transaction were Steven Dweck and Nat Rockett from Marcus and Milichap. Meanwhile, David Schechtman, Lipa Lieberman, and Abie Kassin from Meridian represented the seller. The loan for the transaction, amounting to $12 million, was provided by Dime Savings Bank, with Charlie Terrasi serving as the lender. The loan terms included a 5 + 5 - 30 Year Amortization. The loan was brokered by Shamir Seidman of Meridian Capital Group.

In addition to the property sale, the sellers also sold the property's inclusionary air rights for $1.75 million to Adam America Real Estate Group. This transaction was part of the company's project at 120 Union Avenue. It is worth noting that the partners originally acquired the Williamsburg properties in 2016 for $15.8 million.