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Brokerage
Posted: September 29, 2008
Eli and Daniel Yaghoubi of City Prime Rlty. complete $6.7m sale of mixed-use property
Eli and Daniel Yaghoubi, senior associates at City Prime Realty, brokered the $6.7 million sale of 31-33 Oliver St. (also known as 51-57 Madison St.) The property was sold to a Long Island investor. Located on the Lower East Side, the six-story mixed-use building consists of 25 apartments and four retail stores.
"The property is an ideal investment in the changing real estate market as the rents are below market and the location is in constant gentrification. The sale occurred at a capitalization rate of 7% and was sold for $6.7 million," said Eli Yaghoubi, who represented the buyer.
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