Investment Property Realty Group closes $1.75 million sale of 1094 Hancock Street in Brooklyn

Brooklyn, NY Investment Property Realty Group (IPRG), a New York-based commercial investment firm, has closed the sale of 1094 Hancock St., a mixed-use building in the Bushwick section, for $1.75 million. 

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

IPRG was initially retained to exclusively market the property in 2021, but challenging market conditions during the COVID-19 pandemic and issues with nonpaying tenants prevented a sale. Over the following years, ownership attempted to secure a buyer independently but was unable to complete a transaction. 

In 2026, ownership reengaged IPRG to market the property. The brokerage worked closely with the owner and legal counsel to position the building for sale with vacant possession. Once the property was vacated, IPRG implemented a targeted marketing strategy focused on buyers seeking vacant investment properties, generating more than 20 written offers. 

The competitive bidding process ultimately resulted in the property’s first sale in 38 years. This deal not only displays IPRG’s ability to add value, getting owners more money than they can without representation, but also the durability to stick with any client regardless of the challenge.