892-908 Atlantic Ave

In the winter of 2009, we marketed a large self storage property at 892-908 Atlantic Avenue, in the Prospect Heights section of Brooklyn, NY, steps away from the Atlantic Yards Development site and home to the new Barclays Center. It is composed of 55,400 square feet. The seller was retiring and wanted an expeditious process. The major challenge was the lack of bank financing available due to the current banking environment and the previous interest from buyers who were predominantly planning a residential redevelopment of the property. Through our internal broker network we were able to identify a regional self storage operator with another property one block from this site. Ultimately, the buyer signed the contract without any contingencies and closed without getting a mortgage from a bank.