Broadway Square Acquires Williamsburg Multifamily For $4.2M

The recently sold property at 754 Grand Street in Williamsburg, Brooklyn is a new construction multi-family asset. Spanning 8,800 square feet, this property was sold for a price of $4,200,000, resulting in a price per square foot of $477. The transaction was completed by Broadway Square as the buyer and Pamber Realty - Paul Fernandez as the seller. The deal was facilitated by brokers Matthew Fernandez and Christopher Okada of Okada & Company.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $4,200,000
• Address: 754 Grand Street, Brooklyn, NY
• Market: Williamsburg, Brooklyn
• Buyer: Broadway Square
• Seller: Pamber Realty - Paul Fernandez
• Brokers: Matthew Fernandez & Christopher Okada - Okada & Company
• Square Footage: 8,800 SF
• Price per Square Foot: $477

Matthew Fernandez, an associate at Okada & Company, took the lead in this sale transaction. The deal was structured as a pandemic lease with an option to purchase, allowing the purchaser to renovate the property while under lease and under contract. The property, which achieved 100% occupancy, required a full gut renovation. The sale closed with a $4.75M mortgage, marking it as the 82nd transaction of the year for Okada & Co.