IPRG sells 4,074 s/f mixed-use 219 Court St. for $3.915 million

Brooklyn, NY Investment Property Realty Group (IPRG) closed the sale of 219 Court St., a mixed-use building located in the Cobble Hill section of the city, for $3.915 million to Sollevare Group.

The transaction was negotiated by Derek Bestreich, Luke Sproviero, Adam Lobel and Toby Waring, who represented the seller and the buyer.

The 4,074 s/f property had been owned by the same family since the 1960s. After an unsuccessful attempt with another brokerage, the seller exclusively hired IPRG to sell the asset. Despite challenges – including a vacate order, stop work order, structural concerns resulting from improper construction, and outstanding property tax obligations, IPRG generated multiple offers and negotiated an as-is transaction. The property closed at $961 per s/f.