439 2nd Street

In the summer of 2010, we were hired exclusively to market an apartment building at 439 2nd Street, in the Park Slope section of Brooklyn, NY. The building was in good condition and composed of 8 apartment units, 4 units renting well below the market and 4 units renting at the market. The owner was retiring and no longer wanted the obligation of managing the property. The biggest challenge in selling the property was that a few units were deregulated while the property was benefiting from J51 Tax Abatement which concerned buyers and caused most to factor in a level of exposure in case of a tenant rent overcharge occurring in the future. Ultimately, we procured an experienced operator in the neighborhood who was in a 1031 Exchange and closed in 60 days with low leverage financing from a bank.