500 rt 17 south, suite 303
hasbrouck heights, nj 07604

t. 201.383.4044 | f. 201.383.4088
44 Executive Boulevard, Suite 206
Elmsford, NY 10523

t. 914.208.2200 | f. 914.208.2201
case studies
the Property
Location: West New York, NJ
Size: 30-unit walk-up
Sale price: $4.075 million
Date closed: 2016
the Challenge
The building was "shopped" around by a national real estate brokerage company prior to owner hiring Redwood Realty Advisors. The asking price was almost 20% above any other comparable sale in the area. The asking capitalization rate of 5.4% was extremely low for the area and the price per door was staggering to most prospects. Once the national real estate brokerage company exhausted their short list of buyers the deal sat on the market with no activity for months. The seller was extremely frustrated and reluctant to engage another firm to exclusively list and sell the asset.
the Solution
The Redwood Realty Advisors team quickly proved their successful track record of sales in the area and were engaged by the seller. Shortly after earning the assignment Redwood immediately launched a tailored marketing plan illustrating the significant upside in the building. Many of the local owners did not know the building was previously for sale; including the building owner directly next door. After several weeks of aggressively marketing the building Redwood uncovered an out of area purchaser.
the Result
The New Jersey Redwood team working in conjunction with the New York Redwood team uncovered the purchaser from New York. The purchaser was in a 1031 exchange out of a building they owned in New York and needed a replacement property. The buyer realized the untapped potential in the building and made the purchase. The building ultimately sold for the full ask price and closed within 90 days of being assigned to Redwood.

Hackensack

Chatham

Hasbrouck

500 route 17 south, suite 303
hasbrouck heights, nj 07604
t. 201.383.4044 | f. 201.383.4088
44 Executive Boulevard, Suite 206
Elmsford, NY 10523
t. 914.208.2200 | f. 914.208.2201