SOLD
Moshe Friedman Acquires Office Building In Kensington, Brooklyn For $1.215M
415 Church Avenue
Office
3,000 SF
3,000 SF
Summary
Sale
NEW YORK
Office
3,000 sqft
A 3,000 square foot office building located at 415 Church Avenue in Kensington, Brooklyn has been sold in a transaction that closed on May 10, 2021. The property was sold for a sale price of $1,215,000, with an asking price of $1,495,000, resulting in a price per square foot of $405.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $1,215,000
- Address: 415 Church Avenue, Kensington, Brooklyn
- Market: Kensington, Brooklyn
The buyer of the property was Moshe Friedman, while the seller was Stephen Powers. The transaction was facilitated by brokers DJ Johnston, Jermaine Pugh, Stephen Powers, and Thomas Hines from B6 Real Estate.
A note from @B6RealEstate revealed that the property was sold to a medical end-user. The commercial office building was initially launched pre-COVID and received offers in the range of $1.3 million. Due to the pandemic's impact on the retail industry, offers were adjusted to $1 million, representing a 30% drop in underwriting. However, after the new year, there was an increase in offers from end-users.
The increased interest from end-users created momentum and competition, resulting in the bidding up of the property's value from $1 million to $1.1 million and eventually to $1.215 million. The transaction also included a 30-day closing period, which is uncommon for end-users who typically require financing.
The note emphasized the importance of marketing buildings in a way that attracts end-users to capitalize on market discounts and potentially achieve premiums of 10-20%. The brokers thanked their colleagues at Transwestern for the referral.
Contact information for DJ Johnston is as follows:
Email: [email protected]
Phone: 914-584-7422
Contact information for Jermaine Pugh is as follows:
Email: [email protected]
Phone: (201) 850-0762
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Agents
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Agencies
2
Details
SOLD
IMAGE: Jermaine Pugh & DJ Johnston
DATE: 05/10/2021
ADDRESS: 415 Church Avenue
MARKET: Kensington, Brooklyn
ASSET TYPE: Office
BUYER: Moshe Friedman
SELLER: Stephen Powers
BROKERS: DJ Johnston, Jermaine Pugh, Stephen Powers & Thomas Hines @B6RealEstate
ASKING PRICE: $1,495,000
SALE PRICE: $1,215,000
SF: 3,000 ~ PPSF: $405
NOTE FROM @B6RealEstate: Sold to Medical End-User - DJ and Jermaine launched this commercial office building pre-covid and had offers in the $1.3M.3 range. The pandemic had its effect on retail and investors inevitably adjusted their offers to $1M, a 30% drop in underwriting. After the new year we saw an uptick in offers, not from investors, but from end-users. We were able to attract a pool of end-users, which gave us enough momentum and competition to bid up value from $1M to $1.1M.1, then again to $1.215M.215. Not only that, but we were able to negotiate a 30 day close, which is unusual for end-user as they typically require financing. Every dollar matters to sellers these days, and we are proud in our fight to make up lost ground due to the pandemic. End-users are capitalizing on market discounts while investors are regaining their footing. If you are a seller, and are not marketing your building in a way that attracts end-users, you could be missing out on 10-20% premiums. Connect with us to learn more and thank you to our friends at Transwestern for the referral.
👤DJ Johnston
📧 [email protected]
📱 914-584-7422
👤Jermaine Pugh
📧 [email protected]
📱(201) 850-0762View on map
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