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Union Market property sold for $1.4M

The buyer is confirmed to be Houshang Momenian

Despite efforts to designate the warehouses around Union Market a historic district, investors continue to stay interested in purchasing the properties. This Thursday, one of the warehouses sold for $1.411 million, roughly $36,000 over its listing price.

The property, located at 1261 4th Street NE, spans 2,880 square feet, which means that it sold for $770 per square. According to a press release, this is the highest price per square foot achieved for an inline comparable building in the Union Market District, per CoStar.

According to PropertyShark, the property was constructed in 1931 and was previously owned by Steve Choi and Won H. Choi. The Choi family purchased the property in February 28, 2000 for $350,000.

In November 2014, the District Cuisine blog further reported that the Choi family purchased several parcels of land in the Union Market area in the mid-2000s with the intention to consolidate ownership of Union Market and redevelop it. These plans ultimately fell through.

The buyer was Houshang Momenian, who already owns two other properties in Union Market, according to Marcus & Millichap Investment Associate Ian Ruel. Other properties owned by Momenian include 1265 and 1267 4th Street NE. With the new property Momenian plans to use the space to expand his other locations, according to Ruel.

Marcus & Millichap announced the sale this past Thursday. Marcus & Millichap employees Ian Ruel, investment specialist, and Josh Feldman, vice president investment, had the exclusive listing to market the property on behalf of the seller.

The Historic Preservation Review Board will consider designating the area a historic district in November.

[UPDATE: Marcus & Millichap Investment Associate Ian Ruel confirmed that Houshang Momenian was the buyer of the property.]