1714 86th Street
In the winter of 2010, we were hired exclusively to market a single tenant retail property at 1714 86th Street, in the Bensonhurst section of Brooklyn, NY. It was composed of 1 retail unit, and was occupied by a salon on the first floor that had a NNN lease on the entire building with three years remaining on the lease. The seller put the building on the market in order to raise money for another project. Typically, the type of buyer who will pay a premium for this type of retail property is an end user who will buy the building to operate a business, but the length of the lease the tenant had did not allow for this. The major challenge was that initially, the property was listed for $1,150,000 which limited the number of buyers interested in making an offer because they felt that the seller was asking too much. Through persistence and three price reductions were able to generate 10 competitive offers in writing and sourced an investor from the Chinese community to purchase the property. Ultimately, the buyer closed in 30 days and did not get a mortgage from a bank.