Mohamed Moflahi Acquires Retail Space At 43-00 Beach Channel Drive For $3.5M With Matthew Fernandez As The Broker

The retail asset located at 43-00 Beach Channel Drive in Far Rockaway is under contract for a sale price of $3,500,000. Covering an area of 5,184 square feet, this transaction represents a price per square foot of $675. The property is situated in a market that has shown signs of increased demand for business space.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $3,500,000
• Square Footage: 5,184
• Price per Square Foot: $675
• Buyer: Mohamed Moflahi
• Broker: Matthew Fernandez - OpenKey™
• Seller's Attorney: Charles Stark - Schwartz Levine Pinkas Stark PLLC

Matthew Fernandez of OpenKey structured the deal, allowing the buyer to expand their business into the new space. The negotiation process involved months of discussions and was characterized by a multi-year deal structure built from scratch. The closing represents one of the highest PPSF sales in the area, underlining the strong demand for quality business spaces in Far Rockaway.