The Sale of 1308 Jefferson Avenue Bushwick, Brooklyn, NY

400 Violations. 1 Smart Buyer. 30-Day Close.

We are proud to announce the sale of 1308 Jefferson Avenue, a 8,500 SF mixed-use building with 1 retail unit, 7 apartments and 2 garages in Bushwick, Brooklyn. This property had significant compliance challenges, including being part of the HPD’s Alternative Enforcement Program (AEP) and on the CONH-HPD Pilot Program List. The vast majority of the units were rent stabilized with ongoing collection and litigation issues. This property sold for $1,350,000 or $160/SF.

 

Seller Profile

A regional lender who took back the property via foreclosure to recover capital.

Buyer Profile

A local investor and owner-operator with experience running deli/bodega businesses nearby.

 

Situation

The building accumulated nearly 400 violations, landed on HPD’s AEP and CONH Pilot Program lists, and faced ongoing tenant collection issues. Because this was an REO sale, the seller provided limited documentation and had minimal interaction with tenants.

 

Solutions

1. Violation Reduction: The seller cleared over 250 violations, addressing issues from façade repairs to hallway drywall. This helped stop further penalties and moved the building closer to compliance.
2. Transparent Marketing: We included the violation history in all materials and leveraged our experience with NYC compliance programs to educate buyers early, in turn, minimizing re-trade risk and building trust.
3. Strategic Pricing & Reporting: We advised the seller to base pricing on condition and risk, not in-place income. Weekly updates kept the seller informed, while realistic pricing attracted serious buyer interest.
4. Smart Buyer Selection: Out of 11 offers, we assisted the seller with choosing a buyer with relevant experience who understood both the asset’s complexity and potential upside.

 

Outcome

Through a broad campaign and proactive deal management, we delivered the right buyer and successfully closed—helping the seller recover value from a difficult asset.