Sale at a Glance
The sale of a Bedstuy Building in Brooklyn stands out as a complex and skillfully executed transaction in one of New York’s most dynamic neighborhoods. Represented by Stanley Wilson CRE and David Shattuck of DC Capital Private Credit, this three-story, mixed-use property features six residential and six commercial units in a coveted Bedford Stuyvesant location. The $1,885,000 closing in 2023, showcased expertise in overcoming lending hurdles and intricate closing logistics, setting a benchmark for urban mixed-use deals in Kings County.
Sale Details
A prime mixed-use asset, was acquired through a time-sensitive and expertly managed transaction.
Property Highlights
This distinctive Bedford Stuyvesant property offers substantial upside in both rental income and retail presence.
- Size and Configuration: Three-story building with 4,125 sq ft, 8 bedrooms, and 4 bathrooms
- Residential Units: Six market-rate apartments, ideal for strong recurring rental income
- Retail Opportunity: Expansive 3,500 sq ft commercial space along a prominent Brooklyn corridor
- Lot and Location: 2,500 sq ft lot in an R6B zoning district, central to local amenities and transit
- Building History: Solid 1927 construction with recent corporate ownership and strategic repositioning
Key Investment Features
Investors were drawn to the Bedford Stuyvesant property for its blend of scale, versatility, and location.
- Mixed-Use Flexibility: Balanced mix of residential and commercial units maximizes revenue streams
- High Occupancy: Fully leased at time of sale, generating $4,405 in monthly rent
- Renovation Upside: Purchase included plans for upgrades to maximize asset value and rental potential
- Neighborhood Growth: Bedford Stuyvesant continues to see appreciation and strong demand for both retail and residential space
Market Strategy and Positioning
This transaction required a creative approach to financing, as traditional lenders balked at the property’s larger retail component. Stanley Wilson CRE and David Shattuck leveraged their expertise to secure an exception, providing a tailored financing solution that met the buyer’s needs. The deal also involved overcoming complex international notarization requirements, with one partner traveling overseas. Through meticulous coordination and deep transactional knowledge, the brokers navigated a postponed closing and ultimately delivered a seamless transaction for all parties involved.
Frequently Asked Questions (FAQs)
This sale in Bedford Stuyvesant attracted attention for its intricacies and investment potential.
Q: What made this property an attractive acquisition?
A: Its large retail component, six market-rate apartments, and prime Brooklyn location offered multiple income streams and future upside.
Q: How were the unique financing challenges addressed?
A: The brokers secured a lender exception when the original financing fell through, due to retail square footage exceeding residential space—an uncommon victory in today’s lending environment.
Q: What complications arose at closing?
A: International notarization requirements delayed the transaction, as one partner was traveling abroad and could not use a standard power of attorney.
Q: Is the property fully occupied?
A: Yes, at closing the building was reported as fully leased, ensuring consistent rental income.
Q: What are the investment plans for the asset?
A: The new owners intend to renovate, yielding market-rate rental units and upgraded retail space to enhance value.
