Maheschand Ratanji Acquires Flatbush Hotel For $11.2M

The property involved in this closed transaction is a Hotel located at 1024 Flatbush Avenue in the Flatbush market. The property spans a total area of 37,758 square feet, with a price per square foot of $295. It consists of 69 units, with a price per unit of $161,956. The sale price for this transaction was $11,175,000, and the loan amount obtained was $13,000,000. The property is zoned as C4-4A, with a floor area ratio (FAR) of 4.98. The lot size measures 80.17 feet by 100.42 feet, and it falls under tax class 4.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $11,175,000
• Square Footage: 37,758
• Address: 1024 Flatbush Avenue
• Market: Flatbush
• Price per Square Foot: $295
• Units: 69
• Price per Unit: $161,956
• Loan Amount: $13,000,000
• Zoning: C4-4A
• Floor Area Ratio (FAR): 4.98
• Lot Size: 80.17 ft x 100.42 ft
• Tax Class: 4

The buyer in this transaction is Maheschand Ratanji, while the seller is Jack Braha. The lender involved in this deal is Sterling National Bank.