293 Stuyvesant Avenue

In the winter of 2010, we were hired exclusively to market an apartment building at 293 Stuyvesant Avenue, in the Bedford Stuyvesant section of Brooklyn, NY. The building was in OK condition and composed of 8 apartment units, 4 units renting well below the market and 4 vacant units. The owner was retiring, lived a reasonable distance outside of Brooklyn and no longer wanted the obligation of managing the property. Our marketing produced so many offers at a similar level we sent out three contracts simultaneously. Ultimately, we procured an experienced operator in the neighborhood who signed a contract in under 7 days and closed in under 30 days after contract signing without getting financing from a bank.