Platinum Properties (www.platinumpropertiesnyc.com), a New York-based full service brokerage firm, it has completed the $16.995 million sale of 167 Mott St., a 17,600 s/f, seven-story walk-up, mixed-used building. The building—the tallest on the block—is comprised of 26 apartments and two stores that are 500 s/f each.
Khashy Eyn, chief excutive officer of Platinum Properties, along with agent Julien Kabla, represented both the seller, Great Neck-based AD Real Estate, Inc., and the buyer, a private French investor, who will be keeping the property as an income-producer.
Within the last year AD Real Estate had 167 Mott St. fully renovated, including having the façade restored, new glass installed for the storefronts, all building mechanicals upgraded, and a garbage chute installed. In addition, 20% of all apartments were thoroughly renovated.
"We are excited to have helped broker this deal on both sides," said Eyn.
He pointed out that with Nolita rapidly edging South toward Little Italy, "The buyer has secured an amazing asset and its value will substantially increase over time in a neighborhood that is evolving daily." Tags: