Friday, January 11, 2013

Closed Yesterday: 1502 Bedford Avenue

We told you about the year end push to close deals before the New Year for tax purposes, whether perceived or actual.  And that momentum has continued into 2013, with deals that were flapping in the wings for a long time finally closing if not before New Year's, then soon after.  1502 Bedford Avenue is an enormous corner 8-Family in Crown Heights on Platinum Member radar for months.  Weighing in at a monster 29' x 92', we're talking over 10,000 sqft of prime rental income potential.  Have you tried getting a decent 3BR rental over here recently?  We've heard tell of people having a hard time finding 3BR's for $3,000 near Franklin Avenue in Crown Heights.  What's a one avenue walk east to a boss?

They were asking a not-too-lofty $2.5M, which probably threw many people off who didn't get the memo on the past 2-3 years of next-level gentrification in Brooklyn.  Only problem was, the broker barely marketing the thing properly wasn't bringing a good offer.  Probably because he was impossible to track down and he wasn't marketing the building properly.  When we finally got him on the horn, he threw us off the trail a bit saying that the owners weren't listing anymore.  We can't verify if that's what the owner actually told that broker, but we got in touch with a commercial broker who has her finger on the pulse of these and many other underground deals in this territory, including Clinton Hill and Crown Heights.  Daisy Okas at the firm Besen & Associates was direct to this owner and could've made the deal happen for us.  Only, we didn't compare notes on it soon enough.  Daisy has brought Platinum Members many leads on pre-market and off-market opportunities.  She brought us the development site deal pre-market at 840 Fulton Street, long before Massey Knakal got their hands on an exclusive.

As we've seen, some of the best deals happen off-market.  Some will never hit the open market, but can still be accessed.  Others can be intercepted before they reach the open market.  And some fall off people's radar, as 1502 Bedford did, but can still be accessed if you know where to look.

Pro's:  curb appeal, size, corner property, 3BR rentals, great location as Crown Heights goes

Con's:  gone already, half-baked listing, "well-over $2M"

Ideally:  gotta be tenacious when you chase these leads, and having contacts on the inside always helps

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