A five-story, mixed-use building located on a prominent corner in Park Slope, Brooklyn was sold to a new owner for $4.19 million on July 19.
The sale of 223 5th Avenue was secured by Jack Beida in his capacity as part of the investment sales division of Eastern Union, one of the country’s largest commercial real estate finance firms.
Located on the corner of President Street, the 12,240-square-foot building is comprised of twelve apartments and four retail spaces. The residential component amounts to about 80 percent of the property’s overall square footage.
Mr. Beida represented the seller, Unipres Corporation, and also procured the buyer, Prospect Acquisitions. He said the sale closed less than 60 days after going under contract.
“This building is situated on one of the most vibrant intersections in Park Slope, and the owner had frequently been solicited to sell over many years,” said Mr. Beida. “We’re gratified that the seller placed his confidence in Eastern Union to attract the best possible price and to swiftly execute the sales process.”
The transaction represented the first sale of the building in 37 years. The property was built in 1920.
Mr. Beida also closed two additional sales transactions earlier this year.
After two decades as a leading industry player in commercial mortgage financing, Eastern Union has recently begun broadening its focus to include investment sales activity. In June, the company’s Mid-Atlantic office in Bethesda, MD arranged the $42-million sale of a 254-unit multifamily complex in Oxon Hill, MD in the Washington, DC metropolitan area.
About Eastern Union
Founded in 2001, Eastern Union is a leading, national commercial mortgage brokerage firm. The firm, which also includes an investment sales division, employs more than 125 real estate professionals and closes an average of $5 billion in transactions annually. Eastern Union leverages its relationships with lenders and its marketplace knowledge to secure the best available rates, terms and prices.
Eastern Union, headquartered in New York, closes transactions of all sizes across the United States. It secures financing for all asset types. Transactions — which can include multi-state and multi-site portfolios — encompass both conventional and structured financing. In 2020, Eastern Union’s Multi-Family Group reset market pricing by offering a quarter-point fee for refinancing properties backed by Fannie Mae or Freddie Mac. Capital introductions are handled through Eastern Union’s affiliate, Eastern Equity Advisors.
Eastern Union’s free eCALC app instantly helps investors value and underwrite deals.
For more information, visit www.easternunion.com.
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