Juan Perez pays $12M to Michael Chiriac for property in Bushwick

Juan Perez through the entity Flushingper LLC paid Michael Chiriac’s Chiriac Holdings LLC $12.4 million for 1 St Nicholas Avenue in Bushwick. The deal closed on November 26, 2019, and was recorded on December 10, 2019. The transaction consists of 1 parcel, including the tax class semi-fireproof manufacturing building (F4). The property is 20,880 square feet. The parcel(s) have total development potential of 20,880 square feet.
The average sale price per square foot is $591.
The estimated cap rate is 1.6%
The last time the property sold was February 6, 2007, for $1,030,250.

Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. Of those there was one major renovation application including a certificate of occupancy change (A1) filed with a total estimated value of $232,800. There was one renovation/alteration project (A2) applied for with a total estimated value of $141,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link