Mixed-Use Property on Mott Street in New York City Sells for $3.6 Million
A mixed-use property located at 73-75 Mott Street in New York City has been sold for $3.6 million.
In a significant transaction in the New York City real estate market, the Leung Family has sold their mixed-use property located at 73-75 Mott Street for $3.6 million. The deal, which closed on May 31, 2023, was facilitated by brokers Matthew Fotis, Colton Traynham, and Mike Weinstein of Marcus & Millichap.
The property, spanning 11,112 square feet, offers a prime location in the bustling city. Situated in the heart of New York City, Mott Street is known for its vibrant atmosphere and diverse mix of retail, dining, and residential spaces. The property’s central location and mixed-use zoning make it an attractive investment opportunity.
The sale price of 3.6 million translates to a price per square foot of 320. This figure indicates the value investors see in the property and highlights the demand for mixed-use spaces in New York City. The sale price also reflects the potential for future growth and development in the area.
Matthew Fotis, Colton Traynham, and Mike Weinstein, the brokers involved in the transaction, bring extensive experience and expertise in the commercial real estate market. As part of Marcus & Millichap, a leading real estate brokerage firm, they have a deep understanding of the New York City market and were able to successfully navigate the complexities of this deal.
The Leung Family, the sellers in this transaction, have made a significant profit on their investment. Acquiring the property at a lower price and selling it at a higher value demonstrates their astute investment strategy. The sale of this property allows them to capitalize on the strong demand for mixed-use spaces in New York City.
Overall, the sale of the mixed-use property on Mott Street showcases the continued strength and attractiveness of the New York City real estate market. The transaction highlights the value investors place on well-located properties with mixed-use zoning. With the expertise of brokers Matthew Fotis, Colton Traynham, and Mike Weinstein, the Leung Family was able to secure a favorable deal and maximize their return on investment. As the city continues to evolve and grow, mixed-use properties like this one will remain highly sought after by investors looking to capitalize on the vibrant New York City market.