1539-1559 Troy Avenue, Brooklyn, NY
Local Area Price Record for Commercial Warehouse Space - $241 Per SF
When the owners of 1539-1559 Troy Avenue needed to replace their reliable tenant after occupancy of 20 years, they quickly related that not all tenants are so desirable. After months of legal battles. the owners successfully evicted a deadbeat tenant and were again left with a vacant building. After consulting with Nowak+Partners. the owners concluded that their best strategy would be to avoid all future tenant headaches.
To avoid future problem tenancies. the owners retained Nowak +Partners of Marcus & Millichap to exclusively list the warehouse for sale. Within the first few weeks of marketing. The team was able to produce over a dozen competitive offers from both the local investor pool as well as the user community. The sellers were able to leverage these highly-competitive Ads and force serious buyers to make offers with strong pricing and contingency-free terms.
The property was ultimately purchased by a user. who was able to close all-cash at a sales price of 56.750.000. This set a local price record. with the warehouse selling at 5241 per square foot. As a result, the seller was able to dispose of the property at a premium. with a favorable contract and closing time frame.
- Achieved selling price of $6.750.000
- Local area price record for the sale of commercial warehouse space
- Over a dozen written offers within the first few weeks of marketing
- Contract signed with due diligence limited to clean Phase 1 Environmental
It's refreshing to work with brokers who are able to under-promise and over-deliver. The team met all my expectations. I look forward to working with them again.
” —Connie Cincotta