Hi Jong Lee Acquires Retail Property On Avenue D In East Flatbush, Brooklyn For $3.25M

The property involved in this transaction is a 3-unit, single-story retail building located at 4201-4225 Avenue D in East Flatbush, Brooklyn. The building spans 19,000 square feet and was sold for a price of $3,250,000, resulting in a price per square foot of $171. The buyer of the property is Hi Jong Lee, a supermarket operator who plans to convert the building into a Key Foods supermarket. The sale was facilitated by the seller, Anthony Conte, and the buyer was represented by Dawn Jones from Top Rated Realty. The seller's representatives were Derek Bestreich, Steve Reynolds, Tom Reynolds, Brian Davila, and Michael Murphy from Investment Property Realty Group (IPRG).

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $3,250,000
• Square Footage: 19,000
• Price per Square Foot: $171
• Address: 4201-4225 Avenue D, East Flatbush, Brooklyn
• Market: East Flatbush, Brooklyn

This deal involved the cooperation of various individuals and companies. The buyer's representative, Dawn Jones from Top Rated Realty, assisted Hi Jong Lee in acquiring the property for the purpose of converting it into a Key Foods supermarket. On the other side, Anthony Conte acted as the seller, with support from the team at Investment Property Realty Group (IPRG), including Derek Bestreich, Steve Reynolds, Tom Reynolds, Brian Davila, and Michael Murphy. It is worth noting that the property was sold "As-Is" with existing environmental issues and a long-term below-market COVID lease.