Ciril Stern pays $7M to Shlomo Hershkop for property in Ocean Parkway

Ciril Stern through the entity 705 Mcdonald Ave LLC paid Shlomo Hershkop’s Deerhead Properties $7.0 million for 705 McDonald Avenue in Ocean Parkway. The deal closed on November 19, 2019, and was recorded on December 9, 2019. The transaction consists of 1 parcel, including the tax class car sales/rental without showroom (GU). The property is 16,452 square feet. The parcel(s) have total development potential of 16,452 square feet.
The average sale price per square foot is $425.
The estimated cap rate is 2.0%
The last time the property sold was April 24, 2007, for $3,900,000.

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