Plaza Auto Mall Acquires Retail Property In Midwood, Brooklyn For $18M

The retail property located at 2925 Kings Highway in Midwood, Brooklyn has been sold for $18,000,000. The transaction took place on September 15, 2021. The property spans 15,436 square feet, resulting in a price per square foot of $1,166. The buyer in this deal was Plaza Auto Mall, represented by John Rosatti. Wharton Properties, represented by Jeff Sutton and Joseph Sutton, served as the seller. Joseph Paolino acted as the buyer's representative, while Jordan Sutton, Robert Shapiro, Chris Sheldon, and Nicholas Kontos of Cushman & Wakefield represented the seller.

Summary of Transaction Details:

• Property Type: Retail
• Transaction Amount: $18,000,000
• Square Footage: 15,436
• Price Per Square Foot: $1,166
• Buyer: Plaza Auto Mall - John Rosatti
• Seller: Wharton Properties - Jeff Sutton & Joseph Sutton
• Buyer's Representative: Joseph Paolino
• Seller's Representatives: Jordan Sutton, Robert Shapiro, Chris Sheldon, Nicholas Kontos - Cushman & Wakefield

In addition to the buyer and seller, the transaction involved a loan amount of $14,400,000. The lender for the deal was Toyota Motor Credit Corporation.