768 Flatbush Avenue, Brooklyn, NY

At Matthews Real Estate Investment Services™, we are thrilled to showcase the successful sale of 768 Flatbush Avenue, a mixed-use property located in the vibrant heart of Flatbush, Brooklyn. This property, featuring one retail space and two spacious vacant apartments, sold for $1,475,000, achieving an impressive $334 per square foot. This transaction highlights our expertise in maximizing value for challenging properties and matching them with the ideal buyers.

 

Unlocking Potential in a Complex Property

This property represented a unique value-add opportunity. The upstairs residential units, vacancy for over 15 years, required a full gut renovation. These spacious, full-floor apartments offered flexibility for reconfiguration, including potential 3-4-bedroom layouts or conversion into a four-family building with efficient front-and-rear two-bedroom layouts.

 

However, there was a key challenge: limited access to the upper floors. The staircase leading to the residential units had been removed over a decade ago, leaving the floors essentially frozen in time.

 

Overcoming Challenges: Creativity and Determination

Brooklyn investors love value-add opportunities, but without access to the residential units, it was difficult to showcase the potential. To solve this, we went the extra mile—literally.

 

By coordinating with a maintenance team, we uncovered a three-foot hatch in the ceiling, allowing us to access to film the units. It wasn’t easy (or clean!), but the footage we captured provided prospective buyers with a clear view of the property’s untapped potential.

 

This creative solution proved to be the game changer. The property had previously been on the market without success, but our ability to showcase its potential differentiated our marketing approach and ultimately secured a buyer at top dollar.

 

Our Results

Investor Interest

Our targeted marketing campaign generated 12 competitive offers from both investors and end-users.

 

Sale Price

After careful evaluation, we closed at $1,475,000, highlighting the demand for value-add mixed-use properties in Central Brooklyn.

 

Timeline

The deal closed within 45 days of contract execution, thanks to proactive negotiation and integrated due diligence.

 

Why Matthews?

Our success at 768 Flatbush Avenue showcases our ability to overcome obstacles, craft compelling narratives, and deliver results. Whether you own a mixed-use property, development site, or value-add asset, we specialize in maximizing your property’s value through a comprehensive national marketing approach and hands-on service.

 

Discover the Value of Your Property

If you own a property in Brooklyn, we invite you to connect with our team. Let us share more about this success story and how we can help you achieve outstanding results. Contact Matthews today to request a Broker Opinion of Value tailored to your property.