Selected as the top choice by the United States Court, IPG Real Estate has sold a major Brooklyn development site for $3.2M to AB Capstone. IPG Real Estate was chosen in collaboration with the creditor committee and debtor to sell the 5,000 sf property. A distressed asset sale, IPG Real Estate successfully managed and marketed 387 Manhattan Avenue, driving potential buyers to the competitive court auction.
Keith Radhuber of IPG Real Estate said, “the reason we were able to procure such a large pool of buyers was because we quickly utilized our large database of known, qualified candidates in addition to traditional property marketing to maximize the exposure of this unique opportunity.”
It was an opportunity that was worth $3.2M to AB Capstone, a well known real estate investment and development company.
“Brooklyn is a hot marketplace, recently outperforming Manhattan for median residential prices,” Radhuber said. “Building lots are rare and command top dollar. Still, savvy developers are able to build profitably.”