Matthews™ successfully facilitated the sale of 252 Cornelia Street, a six-unit, 100% rent stabilized property in Bushwick, Brooklyn. The property sold with two vacant units at the time of closing, in need of renovation prior to releasing. Based on DHCRs legal rents, the property, once fully occupied, would trade at a 5.6% cap rate. The transaction was completed within 60 days, with no financing or inspection contingencies, and the buyer accepted the property in its condition while assuming an ongoing legal matter.

 

Challenge

Following a previous brokerage’s inability to close, the owners were left with a terminated contract and active tenant litigation. During the prior market process, a prospective buyer approached tenants about potential buyouts, prompting one tenant to initiate legal action against the seller. As a result, the property suffered from damaged market perception and heightened scrutiny. The 100% rent stabilized status further narrowed the buyer pool to investors with specialized knowledge, while a competing offer of $825,000 included financing and inspection contingencies that introduced execution risk.

 

Strategy

Matthews™ agents Evan Kashanian and DJ Johnston repositioned the asset’s opportunity by restoring transparency and reframing the narrative around credibility and execution. Legal circumstances were clearly communicated upfront, and engagement was limited to qualified investors with demonstrated experience in rent stabilized assets. Rather than pursuing the highest headline price, Kashanian and Johnston cultivated competitive tension between credible buyers and advised ownership to weigh certainty, speed, and risk mitigation above nominal value. A crucial factor in the transaction was securing a non-contingent offer capable if closing efficiently, while absorbing the legal complexity without renegotiation.

 

Result

The owner selected a $680,000 offer that provided a definitive path to closing, free of financial and inspection uncertainties. The buyer accepted the asset in its current condition and assumed responsibility for the ongoing court matter, eliminating further legal exposure for the seller. The transaction closed in 60 days, delivering a clear exit and removing prolonged contingencies.

 

By prioritizing disciplined buyer selection and certainty of execution, Kashanian and Johnston transformed a fragmented situation into a controlled and successful outcome.