Marcus & Millichap - Tri Borough Multi-Family

332 Keap Street

332 Keap Street
, Brooklyn

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Price: $4,300,000
Building Size: 40,300 Square Feet
Property Type: Mixed-use
Exclusive Listing Team:
Matt Fotis
Tel: 212-430-5206

In the summer of 2009, we were hired exclusively to market a large mixed-use property at 332 Keap Street, in the Williamsburg section of Brooklyn, NY, three blocks from Broadway. It is composed of 48 apartment units and 6 retail units. The seller was an estate and this was the first piece of property they needed to sell in order to settle the estate so they wanted a smooth, expeditious process. The major challenge was the lack of bank financing available due to the very large property tax bill associated with the property. We were able to generate 29 competitive offers in writing. The first two buyers we sent a contract to decided that they were not prepared to move forward with the purchase after they received the contract due to the lack of bank financing available. The biggest benefit to the seller in this case was having multiple competitive offers. In the third round of contract negotiations we sent out three contracts to three different buyers to keep the momentum going and not lose any more time. Ultimately, the buyer signed the contract within one week of the seller accepting the offer and closed in under 60 days without getting a mortgage from a bank.