Marcus & Millichap - Tri Borough Multi-Family

396 15th Street

396 15th Street
, Brooklyn

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Price: $875,000
Building Size: 5,059 Square Feet
Property Type: Commercial
Exclusive Listing Team:
Matt Fotis
Tel: 212-430-5206

In the spring of 2010, we were hired exclusively to market a vacant industrial building in a residential zone, in the Park Slope section of Brooklyn, NY. It is composed of a two story building with completely open floor plates. The seller previously used the building for their own use and due to structural problems which were created by a new development next door they could no longer occupy the space and decided to dispose of the property. The major challenge was the lack of financing available due to the condition of the building. We were able to generate 12 competitive offers in writing. Despite the many problems associated with the building we negotiated a contract on a completely “As Is” basis subject to nothing; for example, bank financing, violations, property condition. Ultimately by working with an outside broker we were able to find a buyer from outside the local market that was willing to pay a premium substantially above what any local investors or end users were willing to pay. This was an all-cash transaction.