SOLD
The Erlich Family Acquires Mixed-Use Building In Ridgewood, Queens For $1.285M
764 Seneca Avenue
Mixed-use
3,000 SF
3,000 SF
Summary
Sale
NEW YORK
Mixed-use
3,000 sqft
The Erlich Family has purchased a mixed-use building located at 764 Seneca Ave in Ridgewood, Queens. The property, situated on the border of Bushwick, Brooklyn, spans 3,000 square feet. The transaction was facilitated by brokers DJ Johnston and Thomas Donovan from B6 Real Estate Advisors. The sale price for the property was $1,285,000, resulting in a price per square foot of $428.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $1,285,000
- Address: 764 Seneca Ave
- Market: Ridgewood, Queens
The sale of 764 Seneca Avenue reflects the current market conditions and the strong demand for free market mixed-use properties priced under $2,000,000. The buyer was selected based on their motivation and favorable closing terms. The transaction was finalized two weeks after accepting the offer, following a six-week marketing process. Upon lease out of vacant spaces, the property is projected to yield a cap rate of 5.25%.
Please feel free to reach out to DJ Johnston at [email protected] or call/text 914-584-7422 to learn how this transaction can translate to your similar building and to inquire about our team's expertise in the market.
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Details
SOLD
IMAGE: DJ Johnston & Thomas Donovan
DATE: 04/08/2022
ADDRESS: 764 Seneca Ave.
MARKET: Ridgewood, Queens
ASSET TYPE: Mixed-use
BUYER: The Erlich Family
SELLER: Richard Hall
BROKERS: DJ Johnston (@B6RealEstate_JohnstonTeam) & Thomas Donovan (@TeamDonovan_NYC) - B6 Real Estate Advisors
SALE PRICE: $1,285,000
SF: 3,000 ~ PPSF: $428
NOTE FROM BROKER: Our team has successfully sold 764 Seneca Avenue, a 3,000 SF mixed-use building in Ridgewood, Queens, on the border of Bushwick, Brooklyn.
The sales price of $1,285,000 reflects a price per SF of $430 & a cap rate of 5.25% upon lease out of vacant spaces.
The demand for this type of asset is indicative of current market conditions. We selected the bidder with the most motivation & best closing terms. We closed two weeks after accepting the offer. It took a total of 6 weeks from the start of our marketing process to the final closing.
Free market mixed-use product under $2,000,000 receives extraordinary interest given the deep buying pools & unrestricted upside. If you own a similar building & would be curious to know how this transaction translates please connect with our team. DJ Johnston - [email protected] - 914-584-7422 (Call/Text)View on map
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Address764 Seneca Avenue
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