CHALLENGE

485-487 Tompkins Avenue Is located within the Stuyvesant Heights Historic District. As is often the case, that fact proved to be a double-edged sword. By having an asset surrounded by buildings of historical consequence. the owner enjoyed insurance against unsightly or unwieldy neighboring development. However. this proved to be a problem if the owner opted to convert the property to its full potential. Such an undertaking would require a costly and arduous process involved in working with the Landmark Preservation Commission. making redevelopment costly and difficult. In late 2016, the owner of 485-487 Tompkins Avenue. no longer needing the property for his business, hired a competitor to bring it to market.

ACTION

After several months of marketing and little by traction. the
owner reached out to the team of Nowak+Partners of Marcus &
Millichap on the strength of its strong local track record. The owner also came to understand that the team's extensive local and national marketing reach would form the backbone of a focused marketing campaign. The owner exclusively retained Nowak & Partners for the sale of his property, as an effective antidote to what the seller perceived to be diminished by the pool

RESULT

Within the first few weeks of marketing, Nowak+Partners exploited
Marcus & Millichap's extensive network of agents. sending the informational setup to thousands of investors. resulting in twenty-five
written offers from qualified purchasers. Nowak +Partners was able to generate an auction-like bidding environment from these qualified bidders resulting in an exceptional sales price of $2.090.000.

• 5 Qualified offers were generated and presented to the owners
  within the first three weeks of marketing
• After several rounds of competitive bidding, involving various
  owner-users, retail investors, and developers, a hard
  contract with no buyer contingencies was signed
• The final purchase price of S2,090,000 represents $207 per buildable
  square foot, far above the local area sales averages
• S207 per buildable square foot remains the local price
  record for development sites in the Stuyvesant Heights Historic
  District