Brooklyn Multi-Family
After years of free-spirited communal loft living in New York City, we were commissioned by a young Brooklyn artist to help procure an architecturally significant and turn-key multi-family Brownstone that would allow her to take her very first leap into property investment, and homeownership.
The tight purchase deadline—spurred by rent increases and an expiring lease—required us to be highly strategic. The focus; sourcing a 3-4 unit building with distinct character. Challenging in itself, as a majority of Brooklyn multifamily properties had already fallen victim to lackluster renovations by undiscerning developers. Adding to this, was the need for a multi-unit building with cooperating tenants in place, or outright vacancy—another difficult task.
With a very competitive landscape, and exceedingly limited supply—strong brokerage relationships, off-market sleuthing and tactful communication were paramount in helping our client hone-in on a building with her requirements. Once the elegantly restored four-story Romanesque Revival had been found, assertive negotiation based on straight forward analytics and savvy contract terms allowed us to land above the rest during the bidding process.
A complex escrow process reinforced the importance experience and partnership. Without a bank loan, and relying on an inherited trust to fund the purchase, we helped our client navigate the complexities of LLC formations, wealth transfers and tax liabilities—engaging our trusted network of financial and legal advisors en route to the closing table.
In time, the happy owner took residency in her very own top floor flat—rich in historic charm, and completely turn-key. We stewarded the assignment of two of the existing leases to the current tenants, and we found the perfect new tenant for the third. All in time for summer get togethers in the rear garden with the owners new community of neighbors and friends.
Price
$2,595,000
Location
700 Putnam Avenue Brooklyn, NY
Details
6 Bed, 4 Bath
4.200 SF Multi Family Residence
