Marcus & Millichap - Tri Borough Multi-Family

437-439 Tompkins Avenue

437-439 Tompkins Avenue
, Brooklyn

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Price: $1,425,000
Building Size: 8,747 Square Feet
Property Type: Mixed-use
Exclusive Listing Team:
Matt Fotis
Tel: 212-430-5206

In the summer of 2010, we were hired exclusively to market one mixed-use property at 437 Tompkins Avenue and one brownstone at 439 Tompkins Avenue, both on the same lot in the Bedford Stuyvesant section of Brooklyn, NY. The mixed-use property was composed of 5 free market apartment units and 3 retail units while the brownstone was composed of four 2-bedroom free market apartments. The seller had substantially rehabilitated the properties in 2009/2010 and decided to sell to take advantage of a new opportunity. We were able to generate 12 competitive offers in writing. Ultimately, we procured a buyer who was an investment syndicate based out of Manhattan and able to obtain attractive financing from a local savings bank. The sales price ended up to be $150,000 over our next highest offer and closed in 60 days while still obtaining a mortgage from a bank.