Investment Property Realty Group sells 460 15th St. in Park Slope for $3.25 million
Brooklyn, NY Investment Property Realty Group (IPRG) closed the sale of 460 15th St., a multifamily building located in the Park Slope section of the city, for $3.25 million.
The transaction was negotiated by Adam Lobel, Derek Bestreich, Luke Sproviero and Toby Waring, who represented the seller and the buyer.
The 8-unit property presented significant challenges, including more than 250 open violations and its inclusion in New York City’s Alternative Enforcement Program (AEP). The building had remained boarded up for several years and required extensive renovations due to substantial deferred maintenance.
These conditions limited the pool of prospective buyers, prompting IPRG to implement a targeted marketing strategy focused on experienced investors and professional operators capable of undertaking complex rehabilitation projects. Through this approach, the brokerage identified a buyer with the expertise and resources to address the property’s outstanding issues and restore the building.
The buyer plans to complete substantial renovations, resolve the outstanding violations and work toward removing the property from AEP, positioning the building for long-term improvement.