Investment Property Realty Group closes the sale of 321 Grand St. for $2.95 million

Brooklyn, NY Investment Property Realty Group (IPRG) closed the sale of 321 Grand St., a mixed-use building located in the Williamsburg section of the city for $2.95 million.

The transaction was negotiated by Derek Bestreich, Luke Sproviero, Donal Flaherty, Corey Haynes and Thomas Ventura, who represented he seller, the Rodriguez Family, and the buyer, the Wang Family. 

IPRG was exclusively engaged to market the tenant-occupied property, which presented challenges due to an existing below-market lease. Through a targeted marketing strategy, the team identified an owner-user who recognized the property’s long-term potential and submitted an all-cash offer. 

To facilitate the transaction, IPRG worked with the existing tenant to coordinate a vacancy 15 days before closing. This approach minimized rental income loss for the seller while allowing the buyer to take possession of the property shortly after the tenant vacated. The transaction closed on an expedited timeline, maximizing proceeds for the seller and providing a seamless transition for the buyer.