Commercial Observer | September 19, 2016
By Rheaa Rao
The four-story Midwood building that houses Brooklyn’s iconic Di Fara Pizza has a new landlord. Mansoor Hatanian, a Midwood-based investor, bought 1424 Avenue J for $3.6 million from Israel-based North Gate Realty, Commercial Observer has learned.
The 7,400-square-foot building between East 14th and East 15th Streets has six rent-stabilized apartments, three three-bedrooms and three two-bedrooms. Besides the pizza joint, the building is home to Davidoff’s Shoes, Fatt’s Cafe and M&D Kitchen.
Shulem Paneth and Eli Matyas of GFI Realty represented the seller, and colleague Sylvia Spielman represented the buyer.
“The buyer has a significant real estate portfolio and this mixed-use property aligns perfectly with their investment strategy,” Spielman said in prepared remarks. “Di Fara’s is acclaimed by food critics across the city and beyond, which made this asset even more intriguing.”
Di Fara has been in the building for over 50 years on a month-to-month lease. Hatanian told CO that the beloved pizzeria will continue to stay in the building.
“The burgeoning Avenue J retail corridor is among the strongest in southern Brooklyn, and the seller decided to capitalize on the area’s growth and sell this renowned property,” Paneth said. “As a local owner-operator, the new buyer will be able to be more actively involved in the property while benefitting from the presence of Di Fara Pizza.”
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