Sumir Sahgal pays $5M to Maurice Elmalem for retail property in Tremont

Sumir Sahgal through the entity 591 East Tremont Realty LLC paid Maurice Elmalem’s 3925 Wpr Realty Corp. $5.1 million for 591 East Tremont Avenue in Tremont. The deal closed on October 17, 2019, and was recorded on October 29, 2019. The transaction consists of 1 parcel, including the tax class one-story store building (K1). The property is 29,435 square feet. The parcel(s) have total development potential of 36,279 square feet.
The average sale price per square foot is $139.
The estimated cap rate is 2.8%

The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 7, 2019.

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

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