Bestreich, Reynolds, Davila, and Flaherty of Investment Property Realty Group close $1.97 million sale of 343A Tompkins Ave. in Bed-Stuy

Brooklyn, NY Investment Property Realty Group (IPRG) closed the sale of 343A Tompkins Ave., a mixed-use building located in the Bed-Stuy section of the borough, for $1.97 million.

The transaction was negotiated by Derek Bestreich, Steve Reynolds, Tom Reynolds, Brian Davila, and Donal Flaherty, who represented the seller and the buyer. 

The property consists of two residential apartments and a ground-floor retail space previously occupied by the seller’s wine and bookstore business. After operating the business for several years, the seller decided to close the store and sell the property. However, the vacant retail space presented a challenge, potentially limiting financing options for prospective buyers and impacting the property’s market value.

IPRG was exclusively engaged to both lease the retail space and market the property for sale. The firm’s retail leasing team generated four competing offers and secured a new retail tenant, establishing an income stream and strengthening the property’s appeal to prospective buyers.

With a new retail lease in place, IPRG identified a local buyer who recognized the property’s investment potential. The retail lease and property sale were negotiated simultaneously, with the new lease commencing shortly before closing.

By securing a retail tenant ahead of the sale, IPRG addressed a key financing challenge, improved the property’s marketability and successfully completed the $1.97 million transaction.