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Patoma Partners Acquires Mixed-Use Property In Bushwick From The Salerno Family For $2M

284 Suydam Street
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This Mixed-use property located in NY was sold for $2,000,000 about 2 years ago. The brokers of the deal were Michael Kolbus, Shaun Riney, and Michael (Mike) Salvatico

284 Suydam Street, located in Bushwick, was recently sold in a mixed-use property transaction. The property, which overlooks Maria Hernandez Park, is a prime investment opportunity. It features a total of 4 units with a spacious area of 4,875 square feet. The sale price for this property was $2,000,000, resulting in a per unit price of $500,000. The price per square foot is $410, making it an attractive deal for buyers. The property is zoned as R6, allowing for various mixed-use possibilities.

Summary of transaction details

  • Property Type: Mixed-use
  • Transaction Amount: $2,000,000
  • Units: 4
  • PPU: $500,000
  • Square Footage: 4,875
  • Price per Square Foot: $410
  • Market: Bushwick
  • Buyer: Patoma Partners
  • Seller: The Salerno Family
  • Brokers: Shaun Riney, Mike Salvatico, and Michael Kolbus (NYM Group) - Marcus & Millichap

The sale of 284 Suydam Street was a significant event, as it marked the first sale of the property in over 50 years. The property's mixed-use zoning offers potential for various opportunities and its location overlooking Maria Hernandez Park adds to its appeal. It is worth noting that an office tenant vacated the property due to the impact of Covid, prompting the seller to exchange it for a management-free, net-leased property with higher cash flow. Shaun Riney, Mike Salvatico, and Michael Kolbus from the NYM Group at Marcus & Millichap were the brokers involved in the deal. They can provide further details about this transaction, similar properties for sale, and assistance with real estate transitions.

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Deals
  • Location
    284 Suydam Street, Brooklyn, New York 11237, United States284 Suydam Street, Brooklyn, New York 11237, United States
  • Sale Price
    $2,000,000$2,000,000
    $410 PPSF$410 PPSF
  • Area
    4,875 SF4,875 SF
  • Asset Type
    Mixed-useMixed-use
  • Parties
    3 Brokers, 2 Agencies3 Brokers, 2 Agencies

Agents

Michael Kolbus

Michael Kolbus

Deals10
Sold$28.9M

Shaun Riney

Shaun Riney

Deals263
Financed$1.4B

Agencies

Cushman & Wakefield

Cushman & Wakefield

Agency
Deals4190
Volume$167B

Marcus & Millichap

Marcus & Millichap

Agency
Deals6999
Volume$66B

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Deal Summary

SALE IMAGE: Michael Kolbus, Shaun Riney & Mike Salvatico DATE: 02/03/2022 ADDRESS: 284 Suydam Street MARKET: Bushwick ASSET TYPE: Mixed-use ~ ZONING: R6 BUYER: Patoma Partners SELLER: The Salerno Family BROKERS: Shaun Riney (@ShaunRiney1), Mike Salvatico (@MikeSalvatico) & Michael Kolbus (@MichaelKolbus_Nym) (NYM Group) (@NewYorkMultifamily) - Marcus & Millichap SALE PRICE: $2,000,000 UNITS: 4 ~ PPU: $500,000 SF: 4,875 ~ PPSF: $410 NOTE FROM BROKER: First sale in 50+ years. 284 Suydam Street is a mixed-use property overlooking Maria Hernandez Park in Bushwick. Office tenant vacated due to Covid & the seller is exchanging into a management-free, net-leased property with higher cashflow. Reach out to the deal team: Shaun Riney (@ShaunRiney1), Mike Salvatico (@MikeSalvatico), or Michael Kolbus (@MichaelKolbus_NYM) for the full deal story, similar properties for sale, or for help transitioning your real estate.

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284 Suydam Street

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