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Brokerage
Posted: April 12, 2010
Safina, Leary and Annunziata of CPEX rep seller in $1.65 million sale
CPEX Real Estate has completed the sale of 3904 5th Ave. in Sunset Park for $1.65 million. The 8,720 s/f building was delivered vacant to a local investor. The building consists of four units over one retail.
The building was home to the family run catering hall/restaurant "Rainbow Café" for over 30 years. Stephen Safina, Brian Leary and Michael Annunziata, brokers at CPEX, represented the seller.
"We brought the 'Rainbow Café' to market at the right price and its history, location and vintage façade contributed to making the property extremely attractive. There was much emotion and intangible value involved in this transaction and it is to be determined what will become of this neighborhood staple," said Safina, associate director of investment sales at CPEX.
The property sold for $189 per s/f at a projected 6.44% CAP and 10.49x GRM.
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