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Richard Lam Acquires Professional Building At 2625 Harway Avenue From Peter C. LaBella For $2.95M

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SOLD
$2,950,000

New York

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MultiFamily6,000 SF
Sold 12/03/2024
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Property Image
SOLD

Richard Lam Acquires Professional Building At 2625 Harway Avenue From Peter C. LaBella For $2.95M

2625 Harway Avenue

See Similar Deals
MultiFamily6,000 SF
Sold 12/03/2024
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$491
Total Square Footage:6,000 SF
Transaction Type:Sale

2625 Harway Avenue is a professional building located in Brooklyn, having a sale price of $2,950,000. The asset encompasses a total of 6,000 square feet, which corresponds to a price per square foot of $491. Alongside the existing space, the transaction also incorporated a vacant parking lot allowing for an additional 14,336 buildable square feet.

Summary of transaction details:

  • Property Type: Professional Building
  • Transaction Amount: $2,950,000
  • Address: 2625 Harway Avenue
  • Market: Brooklyn
  • Square Footage: 6,000
  • Price per Square Foot: $491
  • Additional Buildable Square Feet: 14,336
  • Buyer: Richard Lam
  • Seller: Peter C. LaBella Funeral Chapel
  • Broker Representatives: Thomas Donovan, Tommy Lin & Eugene Kim - Meridian Capital Group
  • Referral Source: Murano Realty

This transaction showcases the collaboration of Team Donovan, leading Meridian Capital Group's Queens investment sales division. The deal is noted as a legacy transaction from B6 Real Estate Advisors, indicating a strong professional relationship in their ongoing partnership, further evidenced by their history of successful deals together.

Players

Thomas (Tom) Donovan
51 deals$730.7M volume(646) 502-3481
BROKER

Tommy Lin
Meridian Capital Group
30 deals$515.9M volume(646) 502-3484
BROKER

Eugene Kim
Meridian Capital Group
25 deals$491.1M volume(646) 502-3483
BROKER

Details

SOLD
IMAGE: Tommy Lin, Thomas Donovan & Eugene Kim DATE: 12/03/2024 ADDRESS: 2625 Harway Avenue MARKET: Brooklyn ASSET TYPE: Professional Building BUYER: Richard Lam SELLER: Peter C. LaBella Funeral Chapel BROKERS: Thomas Donovan (@TeamDonovan_NYC), Tommy Lin (@TommyLin.Meridian) & Eugene Kim (@EugeneKim.Meridian) - Meridian Capital Group (@Meridian.Capital.Group) SALE PRICE: $2,950,000 SF: 6,000 ~ PPSF: $491 NOTE FROM BROKER: In addition to the 6,000 existing square feet, this deal also included a vacant parking lot with 14,336 buildable square feet. This was a B6 Real Estate Advisors (@b6realestate) legacy transaction; Team Donovan now leads Meridian Capital Group's Queens investment sales division. The two groups maintain a close professional relationship and have found success working on deals together. This deal was a referral from Murano Realty (@muranorealty).

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

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Cap Rate

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