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FOR BREAKING NEWS VISIT www.timesnewsweekly.com SEPTEMBER 3, 2015 • TIMES 41 A STRONG GAME PLAN IGNITES A BIDDING WAR CHALLENGES Two Mixed-Use properties, situated one block from each other, were held in an estate. Despite their ideal location in the rapidly developing neighborhood of Ridgewood, Queens, their sale faced a particular challenge. The Executor of the estate could not act independently, as he was accountable to multiple family members who held conflicting perspectives regarding the handling of the properties. For the sake of simplicity, they desired to sell the properties as a single package. The Executor lives out of town and is neither familiar with the neighborhood nor its local market, and did not know how best to proceed, much less negotiate with the relevant parties. ACTION Taking a referral from his lawyer, the Executor contacted Swain Weiner at Greiner Maltz Investment Properties. Swain and John established knowledge about the neighborhood and its real estate market led him to the decision that it would be most effective to sell each property separately. After targeted research on comparable sales in the area, Swain executed appropriate asking prices for each property that would both push the market in the favor of his client and maintain the ability to attract prospective buyers. Tailored marketing strategies were implemented for both properties as each was introduced to the market. Swain and John made personal phone calls to owners in the area who held similar properties, and oversaw an effort which distributed postcard advertisements via direct mail, and sent listings via email. The market for potential buyers was completely covered. RESULTS Not only were the properties sold simultaneously and within an efficient time period, but also sparked bidding wars. Each resulted in separate buyers purchasing the properties at their full asking price; closing at only 60 and 40 days due diligence respectively. The final purchasing price for one of the properties set a new record in the area, selling at 31x the rent roll. Its impressively low capitalization rate—coming in at 2.7—is similar to what is seen in Manhattan. The other property's full asking price was met at 14x the rent roll, representing a 5.5 capitalization rate (a rate that is still quite low for the area). With the two properties yielding an optimized purchasing price far above the sales price of a package deal, Swain Weiner and Greiner Maltz Investment Properties not only effectively served the interests of the estate, but far exceeded their expectations. TESTIMONIAL “…it is my pleasure to recommend Swain Weiner and his entire organization, Greiner-Maltz, as a brokerage house of consummate professionalism and integrity, and I do so unconditionally.” -James P. Galkin John Gonsalves Director Of Sales JGonsalves@gmipny.com 646.925.0946


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