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The Sharrati Family Acquires Mixed-Use Property In Williamsburg For $22.5M

119-123 Kent Avenue
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This MultiFamily property located in NY was sold almost 6 years ago. The brokers of the deal were David Schechtman, Steven Dweck, Nat Rockett, Lipa Lieberman, and Abie Kassin

The mixed-use/multifamily property located at 119-123 Kent Avenue in New York's Williamsburg neighborhood was recently sold for a price of $22,500,000. The property spans a total of 15,510 square feet, resulting in a price per square foot of $1,450. The asset consists of 20 units, including 17 residential units, 3 retail spaces, and 1 office. The purchase price per unit was approximately $1.1 million.

Summary of transaction details

  • Property Type: Mixed-Use/Multifamily
  • Transaction Amount: $22,500,000

The sellers of the property were CW Realty Management, Joyland Group, and Meral Property Group. On the other hand, the buyers were the Sharrati family. Representing the buyer in the transaction were Steven Dweck and Nat Rockett from Marcus and Milichap. Meanwhile, David Schechtman, Lipa Lieberman, and Abie Kassin from Meridian represented the seller. The loan for the transaction, amounting to $12 million, was provided by Dime Savings Bank, with Charlie Terrasi serving as the lender. The loan terms included a 5 + 5 - 30 Year Amortization. The loan was brokered by Shamir Seidman of Meridian Capital Group.

In addition to the property sale, the sellers also sold the property's inclusionary air rights for $1.75 million to Adam America Real Estate Group. This transaction was part of the company's project at 120 Union Avenue. It is worth noting that the partners originally acquired the Williamsburg properties in 2016 for $15.8 million.

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Deals
  • Location
    119 Kent Ave, Brooklyn, NY 11249, USA119 Kent Ave, Brooklyn, NY 11249, USA
  • Area
    15,510 SF15,510 SF
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    5 Brokers, 2 Agencies5 Brokers, 2 Agencies

Agents

Nat Rockett

Nat Rockett

Deals4
Sold$71.5M

Agencies

Meridian Capital Group

Meridian Capital Group

Agency
Deals2414
Volume$65.9B

Marcus & Millichap

Marcus & Millichap

Agency
Deals6999
Volume$66B

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Deal Summary

for Rendering IMAGE: Steven Dweck, Nat Rockett, David Schechtman, Lipa Lieberman DATE: 04/17/2018 ADDRESS: 119-123 Kent Avenue CITY: New York MARKET: Williamsburg CROSS STREETS: Kent & North 7th ASSET TYPE: Mixed-Use/Multifamily PRICE: $22,500,000 SF: 15,510 PPSF: $1,450 UNITS: 20 – 17 Resi, 3 Retail, 1 Office PPU: $1.1M SELLER: CW Realty Management, Joyland Group and Meral Property Group BUYER: The Sharrati family BROKER: Marcus and Milichap - Steven Dweck and Nat Rockett (Buyer) & Meridian - David Schechtman, Lipa Lieberman and Abie Kassin (Seller) @Meridian.Investment.Sales LOAN: 12M LENDER: Dime Savings Bank - Charlie Terrasi LOAN DETAILS: 5 + 5 - 30 Year Amort LOAN BROKER: Shamir Seidman of @Meridian.Capital.Group  NOTE: The sellers also sold the property’s inclusionary air rights for $1.75 million to Adam America Real Estate Group for the company’s project at 120 Union Avenue. The partners bought the Williamsburg properties in 2016 for $15.8 million. (TRD)

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119-123 Kent Avenue

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