Investment Property Realty Group brokers $2.81 million sale of 341 5th Ave. in Park Slope
Brooklyn, NY Investment Property Realty Group (IPRG) closed the sale of 341 5th Ave., a mixed-use building located in Park Slope for $2.81 million.
The transaction was negotiated by Derek Bestreich, Luke Sproviero, Adam Lobel and Toby Waring, who represented both the seller, Victor Santos Jr., and the buyer, Samuel Arans.
The 26-ft.-wide property consists of six apartments and two commercial spaces along a prime stretch of 5th Ave. The transaction presented several challenges, including nonconformity issues, potential rent-overcharge exposure and tenants with outstanding rent arrears.
Despite these complexities, IPRG identified a buyer who recognized the property’s long-term potential and future upside. The transaction closed quickly in an all-cash deal with no contingencies.