654 Jamaica Avenue
Brooklyn NY 11208
Property Profile
$800,000
654 Jamaica Avenue | Brooklyn | NY | 11208
- Units: 6
- Price/Unit: $ 133,333
- Square Feet: 6,056 SF
- Price/Square Foot: $ 132
- Year Built: 1905
- Cap Rate: 5.63%
Property
The 6-unit apartment building located at 654 Jamaica Avenue in the Cypress Hills neighborhood of Brooklyn, NY is comprised of 4-two bedroom units and 2-three bedroom units. The corner lot consists of 1 three-story brick building totaling 6,056 rentable square feet. The property is situated 0.4 miles from the “J, Z” Subway line, which can be accessed at the Norwood Ave Station.
Strategy
Multiple offers were delivered to the owner during the marketing period in 2015 and the owner selected the top offer. However due to an attorney error at the contract stage, the deal was prolonged with legal fights between the Seller and the Buyer for Eight years. Over the course of that time, Matt Cawley of National Multifamily kept in constant contact with both sides as their cases proceeded through the legal system.
Result
Matt Cawley of National Multifamily knew that after such a long contract period once all legal hurdles had been completed that the buyer and seller needed a clear road map for both sides on how to close the deal. Matt was able to negotiate a final amendment between the two sides that detailed out what the buyer would accept and what the seller would complete to finish the deal. Matt worked with a violation expeditor to clear the remaining violations on the property that the seller was responsible to clear and also coordinated with the bank on the completion of all third-party inspections for the new loan. The deal was closed on July 31st, 2023.
