Zih Xiang Lin Acquires MultiFamily Property At 388 Prospect Avenue In Brooklyn For $2.725M

388 Prospect Avenue is a multi-family property located in Brooklyn, featuring 5 units within a 4,000 square foot frame building. The property was sold for $2,725,000, resulting in a price per unit of $545,000 and a price per square foot of $681. This transaction took place in a competitive market with multiple offers.

Summary of transaction details:

• Property Type: MultiFamily
• Transaction Amount: $2,725,000
• Units: 5
• Square Footage: 4,000
• Price Per Unit: $545,000
• Price Per Square Foot: $681
• Buyer: Zih Xiang Lin
• Seller: Providence House, Inc.
• Seller's Representatives: Baruch Edelkopf & Shmuel Goldstein
• Seller's Attorney: Noah Levenson - Smyth Levenson LLP
• Offers Received: 16
• Property Tours Conducted: 27

The listing brokers, Baruch Edelkopf and Shmuel Goldstein, played vital roles in orchestrating the successful sale, while Noah Levenson provided legal counsel throughout the transaction process. The strategic decision by the seller, a non-profit, to monetize the asset for mission-related proceeds was essential in achieving this outcome, particularly amid buyer hesitations due to the property's location next to a school.