Moshe Friedman Acquires Office Building In Kensington, Brooklyn For $1.215M

A 3,000 square foot office building located at 415 Church Avenue in Kensington, Brooklyn has been sold in a transaction that closed on May 10, 2021. The property was sold for a sale price of $1,215,000, with an asking price of $1,495,000, resulting in a price per square foot of $405.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $1,215,000
• Address: 415 Church Avenue, Kensington, Brooklyn
• Market: Kensington, Brooklyn

The buyer of the property was Moshe Friedman, while the seller was Stephen Powers. The transaction was facilitated by brokers DJ Johnston, Jermaine Pugh, Stephen Powers, and Thomas Hines from B6 Real Estate.

A note from @B6RealEstate revealed that the property was sold to a medical end-user. The commercial office building was initially launched pre-COVID and received offers in the range of $1.3 million. Due to the pandemic's impact on the retail industry, offers were adjusted to $1 million, representing a 30% drop in underwriting. However, after the new year, there was an increase in offers from end-users.

The increased interest from end-users created momentum and competition, resulting in the bidding up of the property's value from $1 million to $1.1 million and eventually to $1.215 million. The transaction also included a 30-day closing period, which is uncommon for end-users who typically require financing.

The note emphasized the importance of marketing buildings in a way that attracts end-users to capitalize on market discounts and potentially achieve premiums of 10-20%. The brokers thanked their colleagues at Transwestern for the referral.

Contact information for DJ Johnston is as follows:

Email: [email protected]

Phone: 914-584-7422

Contact information for Jermaine Pugh is as follows:

Email: [email protected]

Phone: (201) 850-0762