690 Rogers Avenue

In the winter of 2010, we were hired exclusively to market an apartment building located at 690 Rogers Avenue, in the Flatbush section of Brooklyn, NY, three blocks from Prospect Park. It is composed of 29 apartment units. The seller is a large building owner and operator in Brooklyn and Upper Manhattan who is selling this property to scale back on his management obligation and defer his Capital Gains Tax exposure by performing a 1031 Exchange and purchasing a single tenant, net leased retail property. Executing on this plan required a smooth, expeditious process and a buyer who the seller was confident would close at the price and in the timeline that was negotiated. The major challenge was the lack of some important historical property information due to the fact that the seller had purchased the building from NYC HPD. We were able to generate 17 competitive offers in writing. The biggest benefit to the seller in this case was having multiple competitive offers to choose from. The buyer currently under contract is in a 1031 Exchange, sold a building in New Jersey and is purchasing this because it is close to where they own all of their buildings in Brooklyn. Ultimately, the buyer signed the contract and closed in 60 days while getting a mortgage from a bank.