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Chris Okada Sells Multifamily Property In Fort Greene For $2.18M With Seller's Rep Anand Melwani

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SOLD
$2,175,000
Albert Safdie
Christopher (Chris) Okada
Anand Melwani

New York

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MultiFamily7,040 SF
Sold 05/05/2020
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Property Image
SOLD

Chris Okada Sells Multifamily Property In Fort Greene For $2.18M With Seller's Rep Anand Melwani

407 Adelphi Street, Brooklyn, NY 11238 & 407 Adelphi Street, Brooklyn, NY 11238

See Similar Deals
MultiFamily7,040 SF
Sold 05/05/2020
Albert Safdie
Christopher (Chris) Okada
Anand Melwani
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$308
Total Square Footage:7,040 SF
Transaction Type:Sale

The multifamily property located at 407 Adelphi Street in Fort Greene was recently sold for a price of $2,175,000. The property spans 3,520 square feet and has a price per square foot of $617. The sale took place on May 5, 2021.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $2,175,000
  • Address: 407 Adelphi Street
  • Market: Fort Greene
  • Zoning: R6B

The seller of the property was @ChrisOkada. Representing the seller was Anand Melwani from Arm Real Estate Group (@ArmRealEstateNYC).

According to @ChrisOkada, the sale of this property was a result of his efforts to find buyers during a time when the market was frozen due to the pandemic. He reached out to various brokers, owners, and executives, and eventually found a buyer who was interested in purchasing in Brooklyn. The deal was negotiated over a week or two and closed in September. @ChrisOkada expresses confidence in investing in NYC and believes that the return on investment in the 2020s will be significant.

Players

Albert Safdie
Albert Safdie
1 deal$2.2M volume(212) 582-2009
BROKER
Christopher (Chris) Okada
Okada & Company
Christopher Okada
84 deals$352.8M volume
BROKER
Anand Melwani
Landair Advisors
Anand Melwani
41 deals$168.7M volume(516) 658-1222
BROKER
Arm Real Estate Group
Arm Real Estate Group
BROKERAGE
Christopher (Chris) Okada
Christopher Okada
84 deals$352.8M volume
SELLER

Details

SOLD
IMAGE: @ChrisOkada & Anand Melwani DATE: 05/05/2021 ADDRESS: 407 Adelphi Street MARKET: Fort Greene ASSET TYPE: Multifamily ~ ZONING: R6B SELLER: @ChrisOkada SELLER’S REP: Anand Melwani - Arm Real Estate Group @ArmRealEstateNYC SALE PRICE: $2,175,000 SF: 3,520 ~ PPSF: $617 NOTE FROM @ChrisOkada: In April of 2020 in the middle of quarantine, I was watching my portfolio of office and retail properties turn to dust. I literally had a freak out & thought "Wow almost 20 years of blood sweat & tears wiped out in 60 days... just like that." A couple days later my sister calls me and announces that they broke quarantine to see a house and they're purchasing. I jumped and began calling every broker, owner, and executive... why? Because there were no buyers... there was no competition... someone needs to sell... But nothing was moving. Big properties, middle market, small.... Midtown/Downtown was frozen. I then thought maybe Brooklyn? People want more space and quality of life. I started calling everyone and threw crazy offers at 50% ask... there was ONE bite. We toured the property, negotiated a week or two, and I closed in September. Here we are 8 months later and 50% more. Always Be Closing! Every Deal Counts! Betting on NYC! The ROI of the 2020's is going to be CRAZY!

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