Isaac Chetrit Acquires Development Site In Brooklyn For $15.5M From Seller Sy Israel's Rep RAS Ventures

The development site located at 2870 Ocean Avenue in Brooklyn has been sold in a closed transaction. The property, with a total square footage of 127,855, was purchased for a price of $15,500,000. The sale price translates to a price per square foot of $121. The transaction took place on August 28, 2020. The property offers future development potential and has a cap rate of 6.75%.

Summary of transaction details:

• Property Type: Development site
• Transaction Amount: $15,500,000
• Address: 2870 Ocean Avenue
• Market: Brooklyn

The buyers of the property are Isaac Chetrit from Patriarch Equities and Jacob Aini from Aini Assets. They acquired the property from Sy Israel of RAS Ventures. The deal was facilitated by Ceasar Salama, Joseph Kassin, Ike Bibi, and Isaac Chetrit's representative. The transaction marks an important milestone for the parties involved in this real estate deal.