CHALLENGE

969-975 Grand Street is located in the North Brooklyn industrial business zone of East Williamsburg. In February of 2016. the estate hired Nowak+Partners at Marcus 8, Millichap to sell this property with a number of objectives in mind. The ownership
wanted to maximize their proceeds and ensure that the trustee of
the estate -- a native of Italy -- met requirements to apply for the
EB5 Visa program and close on the sale of the property. In
addition. the ownership had a preexisting offer from the long term tenant at 52.500.000 with 80% seller financing.

ACTION

Having already hired Nowak+Partners to handle the sale of the
Estate's other property and understanding the strength of the team's
track record in East Williamsburg. the estate decided to exclusively hire the Nowak+Partners to accomplish their goals.

RESULT

Upon being exclusively hired to market the property, Nowak
+Partners orchestrated a comprehensive marketing campaign
designed to expose the asset to every possible buyer in the market.
13 property tours occurred in the first four weeks. Many of them were from owner users and investors. Eight written offers came in
the first two months of marketing ranging from $2.3M to 52.60.
After several rounds of bidding and buyer competition the estate
accepted the best offer at 52,950,000 in early April of 2016.

• The purchase price. $2.950.000 carne from an owner-user who
  needed to obtain a mortgage from her lender. After Marcus &
  Millichap continued to market the property, the purchaser agreed
  that she would limit her due diligence to only a clean
  environmental and would close all cash if her bank did not provide
  her with the proceeds she was seeking
• The deal was structured in a way where if there was any
  environmental remediation required. the purchaser would be
  responsible for cleaning up the site up to S150.000. The
  the site required not remediation in the end.
• In conclusion. the deal was closed in late September. 2016 and the
  seller netted an additional 9300.000 AFTER brokerage commission
  from the offer they initially received from the tenant.