CHALLENGE

Smith Street is one of Downtown Brooklyn's premier retail corridors. Serving the affluent neighborhoods of Cobble Hill. Boerum Hill and Carroll Gardens. Smith Street's retailers and condo converters profit from the area's significant and growing affluence. 157 Smith Street is at the epicenter of it all. 157 Smith Street is surrounded by national tenants. a cultivated street vibe and bustling foot traffic. It is located just off the corner of Bergen St.. the entrance to a major subway station While the neighboring blocks are uniformly hip and new. 157 Smith is itself old and tired. At over 140-years old, it is perhaps the corridor's oldest building. Ace result. the owner four, that its management had become exceptionally draining. The owner urgently wanted to exchange tax-free into a portfolio that involved fewer headaches and was located in a less mature area of Brooklyn. where growth was just taking off.

ACTION

The owner of 157 Smith had sought Matt FRosenzweig's real estate educe for years. so Matt was very well acquainted with the property. Matt and his team at Nowak+Partners knew what the owner suspected: that the property was worth more as a developable plot of land then as an existing structure. To analyze exactly what it was worth. Matt had his architect draft a zoning analysis and create schematic designs. Based on that information Matt was able to accurately value the property as a development site at approximately 54.000.000-substantially greater than as an existing property.

RESULT

Matt and his teammates at Nowak+Partners not only executed a sale very close to the list price. but they helped navigate the owner into two replacement properties. The marketing highlights included:

• Over 15 offers in the first three weeks of marketing
• Multiple rounds of bidding which resulted in record price per square foot ($1,562 per sq ft and $500 per buildable sq ft) and terms that streamlined the process: no contingencies, flexible closing, occupancy for up to six months post-closing