CHALLENGE

1017 Fulton Street is a small property with a difficult past, a challenging present, and a future that looks bright. Located on a sold retail corridor between Grand Ave and Downing Street in Clinton Hil, it has served as both a cash flow stream and a business location for the family that owned the property of over 25 years. The family had purchased the property from New York City when distressed shells were selling for pennies on the dollar. In fad, the City provided mortgage financing for the purchase at advantageous rates. The mortgage obligated the family to rehabilitate the property. As is often the case, after decades of ownership, the family eventually became fatigued with manage, maintaining the property. At the same time, they decided to shut down the business — a liquor store — they operated in its ground floor retail unit.

ACTION

Ownership decided to set the property rattler than lease it out. However, recognizing the market for selling properties with a vacant retail unit had become soft, and recognizing the significant amount of deferred maintenance ownership sought out the area's most seasoned and active representation. Nowak+Partners long track record of selling vacant and underperforming retail properties in Brooklyn gave ownership of enormous confidence. They felt sure that Nowak+Partners would expose the property to the widest buyer pool, composed of local and national players who would drive up competition and neutralize the various uncertainties about the property.

RESULT

Upon being And exclusively to sell the property, Nowak+Partners employed a multi-tier marketing campaign that almost immediately generated over a dozen offers. Within a month, after ownership had received twenty written offers, the sellers felt comfortable accepting an offer. So much competition had been generated that the sellers knew they were leaving no money on the We. In fact, Nowal+Partners generated sufficient competition to make the buyer keep to the terms of his all-cash transaction, even when a significant title defect was discovered just prior to closing.

• Sold at over $600 per sq ft, a high watermark for vacant retail in 2018
• Competitive marketplace generated twenty offers in writing
• Seamlessly navigated the owner into a 1031 exchange, buying a management free asset
• Kept the buyer to original terms, despite title defects