CHALLENGE

814-826 Bedford Avenue is a strategically located development site in a part of Bedford Stuyvesant that is A high demand from both traditional developers and the nearby Hasidic community. In the summer of 2015, the long-term owners of 814-826 Bedford Avenue had been approached by numerous investors who made unsolicited offers to purchase their property. With no fail-safe way of vetting buyers or evaluating the market value of their property, the family consulted Jakub Nowak and his team, Nowak+Partners for guidance. Jakub immediately recognized that none of the bids reflected the site's actual value at the time.

ACTION

Recognizing the need for a far-reaching and controlled marketing campaign, the owners exclusively retained Mr. Nowak and his team to navigate the sale on their behalf. The owners chose to work with Nowak-Wafters because they clearly and confidently grasped the value of the site. They owned the strongest local track record and had extensive local and national marketing reach.

RESULT

Nowak+Partners was retained exclusively to sell 814-826 Bedford Avenue. Within the first few weeks of marketing, Nowak+Pafters and Marcus & Millichap's extensive network of agents put the informational set-up A front of thousands of investors resetting A over a dozen written offers from qualified purchasers. Nowak+Partners was able to generate an auction-like bidding environment from multiple pre-qualified bidders resetting in an exceptional sales price at one million dollars above the listing's original asking price.

• 14 Qualified offers were generated and presented to the owners within the first weeks of marketing
• After several rounds of competitive bidding involving various developers and constituencies from the local Hasidic community. a hard contract with absolutely no buyer contingencies and a 10% deposit was signed
• The final purchase price of $12.000.000 represents $314 per buildable square foot, far above the local area sales averages - While some members of the syndicate which successfully purchased the property had approached the owners directly prior to Mr. Nowak's engagement. their winning bid was at a price far higher than their initial offer. In fact. the purchasers signed a contract with no financing or environmental contingencies at a local area price-record.