OakCrest Realty Sells Retail Property In Brooklyn For $3.6M With Anand Melwani As The Broker

The property sold is a retail asset located at 1308 Avenue J in Brooklyn. The sale price for the asset was $3,600,000, and it encompasses a total square footage of 6,000, resulting in a price per square foot of $600.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $3,600,000
• Square Footage: 6,000
• Price per Square Foot: $600
• Seller: OakCrest Realty
• Broker: Anand Melwani - Landair Advisors
• Market: Brooklyn
• Cap Rate: 5%
• Unused Air Rights: 18,000 square feet

Anand Melwani, representing the seller OakCrest Realty, played a significant role in the transaction, highlighting his longstanding relationship with the family that owned the property. Over 20 years, he built trust and rapport, facilitating complex negotiations among an 11-member family board that had various interests to consider. The sale drew 17 offers in a competitive marketing process over 60 days.