SOLD
Salomon Cojab Acquires Mixed-Use Property In East Harlem For $6.9M
1694 Park Avenue
Mixed-use
9,105 SF
9,105 SF
Sold 1 year ago
Summary
Sale
NEW YORK
Mixed-use
9,105 sqft
An investment property located at 1694 Park Avenue in East Harlem has been sold in a closed transaction. The mixed-use asset consists of 9 residential units and 2 retail spaces. The sale price for the property was $6,900,000, slightly below the initial asking price of $7,000,000. The building spans a total of 9,105 square feet, with a buildable square footage of 13,774. The price per square foot is approximately $758.
Summary of transation details
- Property Type: Mixed Use
- Transaction Amount: $6,900,000
- Address: 1694 Park Avenue
- Market: East Harlem
The seller of the property was Alicia Harper, representing Orsipel LLC. The buyer, Salomon Cojab, represented Visabe Corporation. The sale was facilitated by Anthony Celifarco, a broker from Prime Real Estate Partners. Celifarco and his team encountered challenges during the negotiation process due to the state of the market and existing rent stabilization in the building. However, through productive negotiations and strong client relations, they were able to secure a successful transaction that satisfied all parties involved. Celifarco advises boutique firms and industry veterans to remain adaptable and have confidence that the market will eventually recover.
Players
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1
Agents
1
Details
SOLD
IMAGE: Anthony Celifarco
DATE: 11/14/2019
ADDRESS: 1694 Park Avenue
MARKET: East Harlem
ASSET TYPE: Mixed Use
SELLER: Alicia Harper - Orsipel LLC
BUYER: Salomon Cojab - Visabe Corporation
BROKER: Anthony Celifarco - Prime Real Estate Partners
ASKING PRICE: $7,000,000
SALE PRICE: $6,900,000
SF: 9,105 / BBSF: 13,774
PPSF: $758
UNITS: 9 residential / 2 retail ~ PPU: $766,666
GROSS INCOME: $463,739.4.4
NOTE FROM THE BROKER: Anthony Celifarco, “I knew that my team and I needed to be malleable and creative when it came down to finding both good product and willing buyers. It was a challenge to get this deal done given the state of the market and due to the fact that we did have some rent stabilization in the building, but with productive negotiations and great client relations we were able to secure a product and transact on a number that worked for all parties involved. My advice to both boutique firms and the long-standing titans of the industry is to stay nimble and be confident that the market will pick back up”View on map
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Address1694 Park Avenue
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