Marcus & Millichap - Tri Borough Multi-Family

209 Macdonough Street

209 Macdonough Street
, Brooklyn

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Price: $530,000
Building Size: 4,700 Square Feet
Property Type: Mixed-use
Exclusive Listing Team:
Matt Fotis
Tel: 212-430-5206

In the fall of 2010, we were hired exclusively to market a mixed-use property at 209 Macdonough Street in the Bedford Stuyvesant section of Brooklyn, NY. It was composed of 3 apartment units and 3 retail units. The seller was in foreclosure and having difficulty collecting rent from the tenants. The biggest challenge in selling the property was the short period of time in which the sale had to take place and the lack of collections occurring in the building. We were able to generate 12 competitive offers in writing. Ultimately, we procured a buyer who is an experienced operator in the neighborhood that paid $50,000 over the next highest offer and closed in 15 days without obtaining a mortgage from a bank.