Chera family’s Crown Acquisitions sells Sheepshead Bay retail for $10.3M

Kourosh Nasab, Ken Heng Hom, Arash Merabi and Joseph Yeganeh through the entity Knasi Holdings LLC paid Chera family’s Crown Acquisitions’s Avenue U Crown Associates LLC $10.3 million for 2018 Avenue U and an adjacent lot, in Sheepshead Bay. The deal closed on September 26, 2019, and was recorded on October 23, 2019. The transaction consists of 2 parcels, including the tax class unlicensed parking lot (G7). The parcel(s) have total development potential of 13,069 square feet, a PincusCo analysis found.
The estimated cap rate is 3.5%
The last time the property sold was January 23, 2006, for $4,400,000.

Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link