Brooklyn Mixed-Use Property Sells for $675K to East Group Capital
East Group Capital acquires 2,001 SF mixed-use property in Brooklyn for $675,000 from seller Jacob Frankel.
East Group Capital has made a strategic acquisition in Brooklyn with the purchase of a mixed-use property located at 1219 Atlantic Avenue. The property, which spans 2,001 square feet, was sold by Jacob Frankel for 675,000, representing a price per square foot of 337. The property is located in a bustling area of Brooklyn, with a mix of residential and commercial properties nearby. The ground floor of the property is currently leased to a retail tenant, while the upper floor is a residential unit.
The buyer, East Group Capital, is a real estate investment firm led by Ofir Badash and Itay Gamlieli. The firm has a strong track record of acquiring and managing properties in the New York City area, with a focus on value-add opportunities. The acquisition of 1219 Atlantic Avenue fits well within the firm’s investment strategy, as it provides an opportunity to add value through potential renovations and lease-up of the residential unit.
The seller, Jacob Frankel, is a local investor who has owned the property for several years. The sale of the property represents a successful exit for Frankel, who was able to achieve a sale price of 675,000, despite an asking price of 850,000.
The brokers involved in the transaction were not disclosed. However, the sale of the property highlights the continued demand for mixed-use properties in Brooklyn, as investors seek out opportunities to capitalize on the borough’s strong fundamentals and growth potential.