Saban and Silpe of Berko arrange $2.55 million sale

Guy Saban, an investment sales associate at Berko & Associates, and Lee Silpe, also of Berko & Assocs., have closed on 209 Spencer St., for $2.55 million. The building is a vacant nine-story elevator property built in 2008 and in need of major interior renovations. The property was slated for rentals but illegally sold condos once the property was completed. Due to the backlash from the city, the building owner was stripped of his permits and the property was foreclosed on. The new owner is looking to make the building compliant and complete the necessary rehabbing to rent it out to the quickly gentrifying population in the Bed-Stuy neighborhood. Saban said, "This building came with more than its fair share of issues due its complicated history, but the buyer and seller, as well as their counsel were able to clear the issues so we could efficiently transact the property."