951 Carroll Street

In the summer of 2008, we were hired exclusively to market a mixed-use property at 951 Carroll Street in the Crown Heights section of Brooklyn, NY, two blocks from the Brooklyn Botanical Garden. It was composed of 39 apartment units and 3 retail units. When we presented our opinion of value to the owner in February of 2008 the value was $5,200,000. The owner then put the property on the market with a competitor at an asking price of $5,900,000. Six months later the owner had no offers, he then decided to hire us exclusively at a price of $5,400,000. Due to economic crisis and Lehman Brothers collapse the market had changed significantly and quickly. Even during this difficult time we were able to generate twelve offers in writing and procured a buyer in a 1031 Exchange who paid a price that was $275,000 over our next highest offer. The buyer closed in under thirty days with an all cash offer and did not get a mortgage from a bank.