Jared Wallace Acquires Sheepshead Bay Commercial Property for $3.8M

Jared Wallace purchases a commercial property in Sheepshead Bay, Brooklyn from Robert A. Morelli for $3.8M.

By skyrealm.ai on Feb 19, 2022
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Jared Wallace Acquires Sheepshead Bay Commercial Property for $3.8M

Jared Wallace, a prominent real estate investor, has acquired a commercial property in Sheepshead Bay, Brooklyn for 3.8M. The property, located at 1702 Avenue U, was sold by Robert A. Morelli. The property has a building square footage of 10,000 and a price per building square foot of 380. The lot size is 8,000 square feet with a tax class of 4 and a floor area ratio of 0.80. The property was last altered in 2015 and has a lot dimension of 80 feet by 100 feet.

The property is zoned R5 and C1-3, which allows for a variety of commercial uses. The property is located in Sheepshead Bay, a neighborhood in Brooklyn known for its waterfront views and diverse community. The property is situated in a prime location, with easy access to public transportation and major highways.

Jared Wallace is a seasoned real estate investor with a track record of successful acquisitions. He has a keen eye for identifying undervalued properties and turning them into profitable investments. Robert A. Morelli, the seller, is a long-time owner of the property and decided to sell to take advantage of the current market conditions.

The brokers involved in the transaction were not disclosed. However, it is likely that both the buyer and seller were represented by experienced commercial real estate brokers who specialize in the Brooklyn market. The brokers would have played a crucial role in negotiating the deal and ensuring that both parties were satisfied with the terms of the transaction.

Overall, the acquisition of this commercial property by Jared Wallace is a testament to the strength of the Brooklyn commercial real estate market. With its prime location and potential for a variety of commercial uses, this property is sure to be a profitable investment for Wallace and a valuable asset for the community.