CHALLENGE

134 Hinsdale Street is a 15.000 square foot warehouse in the heart of East New York's IBZ. Similar warehouses in this area had averaged $175 per square foot in the trailing 12 months. and had only twice exceeded $200 per square foot. The owner of this property, prompted by a recently dissolved partnership. reached out to Nowak+Partners each the goal of breaking a price record. As the most active investment sales team in the auto market, Nowak+Partners assured the owner that by exposing the property to a wide marketplace, they could support Sc pricing goals.

ACTION

Upon being exclusively hired to market and sell 134 Hinsdale Street. Nowak+Partners conducted a comprehensive marketing campaign at an ambitious 5250 per foot asking price. exposing the asset to an exceptionally wide buyer-pool, including business owners and investors in the greater New York City area. Nowak+Partners marketing strategy specifically highlighted the city-and e scarcity of industrial inventory and the desirability 01 134 Hinsdale's IBZ location. despite its lack of cargo loading bays and space for vehicle parking.

RESULT

The initial stages of the marketing campaign generated an overwhelming response, resulting in fifteen written offers in the first two weeks of the listing period.

• The ultimate purchaser was in a1031 exchange and closed quickly at S243 per square foot.
• Nowak+Partners successfully bridged capital across the New York City real estate markets into East New York.
• The sale of 134 Hinsdale Street set a new market peak when it closed in August of 2016, a benchmark from which future warehouse sales across eastern Brooklyn were subsequently priced and sold.