199 Bay 17th Street
In the spring of 2008, we were hired exclusively to market an apartment building at 199 Bay 17th Street, in the Bath Beach/Bensonhurst section of Brooklyn, NY. It is composed of 26 apartment units. The seller was living in California at the time, had a management company running the property and wanted to retire. The major challenge was the lack of bank financing available due to the number of vacancies in the building as a result of poor management. The owner, at that time, believed that the current management company was deliberately not renting apartments with hopes that they could purchase the property for a large discount. We were able to generate 19 competitive offers in writing. Ultimately, the buyer signed the contract within one week of the seller accepting the offer and closed in under 30 days without getting a mortgage from a bank. From the day the property was listed to the day we closed the timeline was approximately 75 days.